UAE committee proposes 'regulatory toolbox' to combat terror financing

In a draft consultation paper to address terrorism financing and money laundering, the UAE’s Public-Private Partnership Sub-Committee (PPPSC) has suggesting allowing formal sharing of strategic information and intelligence between the public and private sectors.

The consultation paper follows the PPPSC agreeing at its inaugural meeting in August 2021 to propose the legislative framework for sharing information. The committee has also recommended creating a dedicated secure digital platform for such intelligence sharing.

The consultation paper seeks comments, suggestions and feedback from all the members and relevant stakeholders. The PPPSC will establish key performance measures for relevant task forces and working groups and follow up on progress to ensure that cooperation between the two sectors continues to expand.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said the establishment of the PPPSC was a demonstration of the strong commitment to protecting the integrity of the global financial system in collaboration with the private sector. He told Arabian Business:

“Public-private partnerships (PPPs) are designed to enhance the detection and disruption of financial crime networks and offer intelligence-led methods that deny criminals illicit profits and resources. The contributions of our private sector are instrumental in the UAE’s efforts to build a sustainable and world-class system”

Hamid Said Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, said the private sector in the UAE was a key strategic partner across all sectors, and the endeavours to promote a sound financial system and economic activities cannot be accomplished without the private sector remaining at the heart of these initiatives.