ABU DHABI – The UAE has implemented advanced and innovative legislative and policy frameworks to bolster its fight against money laundering, terrorism financing, and all forms of financial crimes in its markets, said Safeya Al-Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy.
“This has led to heightened compliance levels with the country’s laws, aligning with global efforts to combat money laundering and terrorism financing, and meeting the standards set by the Financial Action Task Force (FATF),” she added.
Her remarks came during the seventh edition of the MENA RegTech Conference, an event focused on exploring the cutting-edge applications of regulatory technology in the MENA region. The Ministry of Economy (MoEc), represented by the Anti-Money Laundering Department, participated as a key player.
Hosted in Abu Dhabi under the theme “Unleashing Innovation: The UAE’s Commitment to Addressing Regulatory Compliance Challenges,” the conference saw MoEc join as a government partner. The event was held in collaboration with the AML/CFT Executive Office and featured various compliance technology solution providers.
The participation of MoEc in this conference is integral to the national strategy for combating money laundering and terrorism financing. It underscores the importance of technology, innovation, and technical methods in AML and the challenges of achieving optimal compliance levels in both financial and non-financial sectors within the country.
The conference attracted representatives from various regulatory bodies, keen to learn about the latest technologies and procedures for ensuring the highest compliance with regulatory standards.
Al-Safi further underscored the UAE’s firm stance, under the guidance of its wise leadership, against money laundering and terrorism financing. This approach is pivotal in maintaining the country’s esteemed position in the global economy.
During her participation in the conference, Al Safi discussed the advanced and efficient system established by the UAE government to combat all forms of money laundering, particularly in Designated Non-Financial Businesses and Professions (DNFBPs). This includes sectors such as real estate brokers, precious metal traders, independent accountants and auditors, and corporate service providers.
The MENA Regtech Conference addressed several key topics, including the implementation of a risk-based approach to virtual assets, measures for combating money laundering and terrorism financing, and the regulation of DNFBPs.
The RegTech Conference for the Middle East and North Africa region stands as one of the most significant events focused on showcasing the latest in regulatory technology applications designed to combat money laundering and terrorism financing.
The event targets companies across various sectors, including financial and technology services, banking, insurance, tax auditing, real estate, healthcare, hospitality, and travel. It brings together a diverse group of experts, government officials, tech service providers, and financial institutions.