The UAE launches a national project to conduct a comprehensive assessment of the risks of financing proliferation

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The Executive Office for Combating Money Laundering and Terrorism Financing and the Executive Office of the Committee for Goods Subject to Import and Export Control launched a national project to conduct a comprehensive assessment of the risks of financing proliferation in the United Arab Emirates, the implementation of which began in the past weeks and is expected to be completed by the end of 2022.

The Executive Office of the Committee for Goods Subject to Import and Export Control will lead this project as the local authority that leads the mechanisms for implementing targeted financial sanctions, in coordination with stakeholders in the government sector and with the private sector in the country.

The assessment of the risks of proliferation of armaments will assist the public and private sectors in the UAE in implementing the new requirements to identify, assess and understand the risks of proliferation financing, with the aim of developing appropriate measures to control and reduce the risks or reduce them to acceptable levels.

The risk assessment will cover all dimensions of how financial resources will be used in the development of nuclear, chemical or biological weapons, including the means, technologies and dual-use goods that are used in carrying out these operations. The evaluation will also focus on the commitments of the private sector to what is stipulated in the federal laws and regulations in the UAE.

His Excellency Hamed Al Zaabi, Director-General of the Executive Office for Combating Money Laundering and Terrorist Financing, commented on the assessment, saying: “The UAE strongly supports non-proliferation mechanisms and attaches great importance to the key role it plays as a vital center for trade and investment. We are pleased with the success of the endeavors that led to conducting the first national assessment. A comprehensive list of the risks of financing proliferation of arms, which proves the efforts that the UAE is currently making to confront this challenge that surrounds many countries around the world.This assessment will help us to understand the risks and identify the challenges we face, which will help us to strengthen preventive policies and implement effective measures to combat the financing of arms proliferation by the authorities. Our efforts will also contribute to raising awareness among the public and private sectors about the importance of these risks and encourage stakeholders to continue improving monitoring and investigation procedures in order to limit arms proliferation financing activities in the context of the global economic and financial system.”

For his part, His Excellency Talal Al Tunaiji, Director of the Executive Office of the Committee for Goods Subject to Import and Export Control stressed the office’s role in leading the project and forming work teams specialized in collecting and analyzing information and preparing a report that includes all threats and weaknesses and necessary action plans at the legislative and technical levels in order to mitigate the risks of financing the spread of the virus. armament and drying up its sources.

His Excellency pointed out that this project will provide an opportunity for all national authorities to highlight their efforts in combating such threats and their role in protecting the global financial system, adding that the national assessment of the risks of arms proliferation will be considered a fundamental pillar in strengthening national cooperation at the level of supervisory authorities, law enforcement agencies and the office. Commodity Committee Executive.

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https://www.albayan.ae/uae/news/2022-01-26-1.4355031

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