Wednesday 04 October 2023 - 8:12:56 pm

Executive Office of Anti-Money Laundering and Counter Terrorism Financing, Federal Authority for Nuclear Regulation sign MoU

ABU DHABI, 20th December, 2022 (WAM) -- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (“EO AML/CTF”) has signed a Memorandum of Understanding (MoU) with the Federal Authority for Nuclear Regulation (“FANR”) to facilitate the exchange of information through the FAWRI TICK system.

The signing of the MoU will establish a framework for cooperation that will enhance the implementation and operation of the FAWRI TICK system, as well as set out the development of joint procedures.

Under the terms of the agreement, the EO AML/CTF and FANR will share information and data through the FAWRI TICK system relating to proliferation financing covered by the Financial Action Task Force (FATF); financing of terrorism money laundering; implementation of targeted financial sanctions; and combatting illegal organizations.

Hamid Al Zaabi, Director General of the EO AML/CTF, remarked that this MoU will increase the UAE’s effectiveness in countering proliferation financing and implementing targeted financial sanctions.

“The proliferation of weapons of mass destruction remains a fundamental threat to regional and global stability, and the UAE has made concrete steps to reduce this threat in line with the United Nations and international partners. The facilitation of information sharing between agencies has increased the effectiveness of national efforts at combatting proliferation financing and preventing sanctions evasion. I am delighted that FANR has joined the group of government entities that use the FAWRI TICK system.”

During the first phases of the MoU, FANR will organise workshops, seminars and forums for their employees on how to use the FAWRI TICK system and provide on-going training sessions.

FANR will also participate in wider government initiatives involving the FAWRI TICK system, which is the UAE’s national information sharing system for proliferation financing cases and targeted financial sanctions implementation, and is currently used by more than 80 governmental entities.

Hazem Hussein