UAE and Malta organize workshop to exchange experiences in Anti-Money Laundering & Countering the Financing of Terrorism

H.E. Bin Touq: We are keen to strengthen partnerships and exchange expertise and experiences with our global partners

The Ministry of Economy organized a training workshop, held jointly by the UAE and Malta, from 12 to 15 June to enhance cooperation and facilitate the exchange of experiences between the two countries in the field of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). The workshop was held in the presence of H.E. Abdullah bin Touq Al Marri, Minister of Economy; H.E. Maria Camilleri, Ambassador of Malta to the UAE; Ministry of Economy representatives, the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations Committee; the Ministry of Foreign Affairs, and the AML/CFT Executive Office. In addition, representatives of regulatory authorities and licensing authorities in the country, including financial and commercial free zones also attended the workshop.

In his opening speech, H.E. Bin Touq said: "The UAE is keen to strengthen partnerships and exchange expertise and experiences with our global partners in various fields, especially economic ones, to achieve common development goals."

H.E. added: “The hosting of this workshop is an outcome of the second meeting with several officials of the Financial Services Authority and the Financial Intelligence and Counter-Terrorism Unit in Malta last April. It also reflects the shared desire of our two countries to enhance economic, commercial, and investment cooperation and implement AML/CFT best practices in line with the requirements of the Financial Action Task Force (FATF). These efforts will enhance the position of the two countries on the relevant global competitiveness indicators.”

The participants discussed an array of topics of common interest, including the UAE’s efforts in tackling money laundering crimes, the measures adopted in this regard as well as Malta’s AML/CFT strategy, which led to the country’s delisting from the list of countries subject to FATF’s enhanced supervision. The session explored the means to strengthen UAE-Maltese cooperation in this field and support the exchange of experiences and knowledge to develop an effective regulatory system to monitor all forms and types of financial and non-financial transactions that classify as money laundering crimes.

Furthermore, the two countries underlined the importance of enhancing cooperation and the exchange of experiences in AML/CFT and combating financial crimes by conducting more meetings, holding joint workshops, and exchanging delegations and experiences. The workshop is part of the UAE's efforts to raise compliance and adherence levels to international requirements and preserve the national economy’s position and reputation in various global markets.

The Ministry of Economy had imposed fines worth AED 65.9 million on 137 violating companies operating in the DNFBP sector in the first quarter of 2023 as part of its periodic monitoring plan to ensure compliance with the provisions stipulated in the Federal Decree-Law. No. 20 of 2018 on anti-money laundering crimes, combating the financing of terrorism and financing illegal organizations, its executive regulations and related decisions, and achieve full compliance of DNFBPs with international standards issued by FATF. The DNFBP sector is subject to the Ministry’s supervision.