Sunday , July 21 2019

DFSA hosts Financial Crime Conference


The Dubai Financial Services Authority (DFSA), on Monday hosted a Financial Crime Conference as part of its efforts to strengthen awareness among the financial services sector of the importance of fighting financial crime.
The conference highlighted the measures the DFSA is taking to mitigate money laundering and terrorism financing risks. The event shared results of the UAE’s National Risk Assessment, discussed changes to the UAE’s Anti-Money Laundering (AML), framework and provided information on DFSA’s financial crime prevention programme for 2019.
The conference focuses on regulatory policies and frameworks put in place to fight
financial crimes, including the changes made to the UAE and DFSA Anti-Money Laundering regime in 2018.
Bryan Stirewalt, Chief Executive of DFSA, said, “This conference is specifically designed to stimulate dialogue among all stakeholders on the need to fight financial crime and, in turn, to enhance investor confidence. The
UAE is firmly committed to fighting financial crimes of all natures through clearly structured guidelines. Establishing ongoing exchange of information and cooperation is a crucial component to ensuring the UAE’s financial services industry remains safeguarded against illicit money flows, which damage the integrity, stability and reputation of the UAE, including the DIFC.”

Dr. Waleed Al Hosani, representative of the UAE Financial Action Task Force Project Management Office, discussed the country’s new Law on Countering Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and the implementing regulations under that Law.
Conference speakers included representatives from the Financial Intelligence Department, FID, of the UAE Central Bank, who provided an update on the recent enhancements to the FID and provided the DIFC regulated community with feedback on Suspicious Activity Reports.
In addition, representatives from the United Nations Office on Drugs and Crime, UNODC, provided insights and training on GoAML, a new suspicious activity reporting system developed by the UNODC that is used by Financial Intelligence Units worldwide. The implementation of GoAML, among other developments, is part of the FID’s strategic plan for future AML/CFT infrastructure in the UAE.

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