Monday 14 June 2021 - 12:44:01 am

CBUAE to launch new supervisory process to test adequacy, effectiveness of sanction screening systems

ABU DHABI, 18th November, 2019 (WAM) -- The 2019 National Summit on Counter Terrorist Financing and Sanctions, hosted by the Central Bank of the United Arab Emirates,CBUAE, concluded, with the regulator reaffirming its commitment to combat terrorist financing through heightened awareness and enhanced sanction obligations.

The summit addressed and urged the UAE financial community to progress from basic sanction screening to the implementation of more technologically advanced controls.

Receiving over 400 distinguished guests including the UAE’s Federal Authorities, the United Nations Department of Political and Peacebuilding Affairs (DPPA) and the U.S. Treasury attaché, the two-day summit tackled key topics such as emerging terrorist trends and the use of technology in early threat detection.

Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE and Chairperson of the National Anti-Money Laundering and Combating Financing of Terrorism and Illegal Organisations Committee, concluded the summit saying: "The objective of this summit is not only to demonstrate our commitment against terrorism, but to call on financial institutions to identify ways to strengthen their knowledge and improve their control framework. Our country is a global financial and trade hub in a volatile region – therefore, we must ensure that the correct systems and technological tools are in place to combat proliferation and terrorist financing. The 2019 summit serves as a much-needed platform for the private and public sector to collaborate with the financial community, technology experts and international entities to protect our nation against any threat."

Following the 2019 National Summit on Counter Terrorist Financing and Sanctions, the CBUAE will launch a new supervisory process to test the adequacy and effectiveness of sanction screening systems.

The CBUAE is committed to combatting the financing of terrorism while ensuring that regulated communities comply with sanction obligations.


WAM/Hatem Mohamed/Tariq alfaham