Ministry of Economy and ICA sign partnership agreement to implement training programs on AML/CFT mechanisms

Al Saleh: The UAE has made great strides in developing an integrated AML system

Initiative aims to promote a culture of compliance & awareness on anti-money laundering measures

The Ministry of the Economy (MoEc) signed a partnership agreement with the International Compliance Association (ICA) to implement a specialized training program on anti-money laundering for the Ministry employees and private sector businesses, especially Designated Non-Financial Businesses and Professions (DNFBPs), starting January 2024. The agreement comes in line with the UAE’s efforts to promote awareness on the culture of compliance within the private sector and the importance of combatting money-laundering and terrorism financing.

The agreement was signed by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; and Pekka Dare, President of ICA.

H.E. Al Saleh said: “The UAE has made great strides in the development of an integrated and robust system for countering money-laundering crimes, combating terrorism financing and the proliferation of armaments as a strategic national priority, in line with its AML/CFT legislation, the requirements put in place to counter the proliferation of armaments, and the standards issued by the Financial Action Task Force (FATF)."

He added: "We look forward to strengthening cooperation with ICA as part of AML/CFT efforts, to groom specialized compliance officers responsible for ensuring compliance levels of companies operating in the country’s business and DNFBP sectors. The agreement further aims to develop sectors’ performance at the national and international levels in line with global best practices, creating a business environment free of illegal practices and enhancing investor confidence in the UAE’s overall investment climate, and enabling better financial procedures and create a business environment free from any illegal practices. This will consolidate the UAE’s position as a competitive economic hub that follows the highest standards of integrity and transparency in financial and trade regulations.”

The ICA President expressed his pleasure at signing the agreement with the Ministry of Economy, emphasizing the importance of cooperation and coordination in preparing an effective training program. All training program activities will be carried out in coordination between the Association and the Ministry's working group.

The agreement includes the provision of specialized, Certified training programs for those operating in the DNFBP sector on the foundations and mechanisms of AML/CFT. Participants will obtain specialized professional certificates from ICA.

The Ministry explained that the training sessions will be offered virtually through its ‘Continuous Learning Academy’ platform by linking it to the ICA training programs window according to a specific schedule, which is being developed.