- Home
- Middle East
- UAE
- UAE Executive Office of AML/CTF leads delegation to Serbia to strengthen cooperation on AML/CFT
UAE Executive Office Of AML/CTF Leads Delegation To Serbia To Strengthen Cooperation On AML/CFT
Sumaira FH Published February 03, 2023 | 04:45 PM
(UrduPoint / Pakistan Point News / WAM - 03rd Feb, 2023) ABU DHABI, 3rd February, 2023 (WAM) – The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) led a delegation to Belgrade to meet with Serbian partners and discuss the strengthening of bilateral relations in the field of AML/CTF.
Hamid Al Zaabi, Director-General of the EO AML/CTF, headed the delegation, which included senior officials from government agencies, including the UAE’s Financial Intelligence Unit (FIU) and Executive Office for Control and Non Proliferation.
The delegation was welcomed by Siniša Mali, Deputy Prime Minister of Serbia, Minister of Finance, and Chairman of the National AML/CTF Coordination Body.
Ali Faisal Ba’Alawi, Head of the UAE FIU, and counterpart Željko Radovanović, Director of the Administration for the Prevention of Money Laundering (Serbian FIU), signed a Memorandum of Understanding (MoU) on enhanced bilateral cooperation, including the facilitation of information exchange and joint activities. The MoU is the 62nd signed between the UAE FIU and an international FIU.
The meeting covered various topics, including compliance with AML/CTF standards, national risk assessments, the fight against organised crime, ML investigations and prosecutions, and AML/CTF supervision and targeted financial sanctions. The UAE delegation presented an overview of their efforts to combat financial crime, including their National Anti-Money Laundering/Counter-Terrorism Financing Strategy and Action Plan.
The UAE delegation gave briefings on important initiatives, a progress report on the implementation of Financial Action Task Force (FATF) recommendations, and their approach to implementing targeted financial sanctions.
Commenting on the visit, Al Zaabi said, "Effective international cooperation is essential in the fight against financial crime, and we appreciate our Serbian partners hosting such productive meetings.
High-quality and timely information is crucial for the effectiveness of regional and global AML/CTF efforts, and the signing of this MoU between our FIUs sends a strong message to financial criminals.”
Serbian authorities presented their National Plan, approach to the fight against financial crime, and National Risk Assessment (NRA).
Radovanović stated that the MoU should be seen in a larger context, as an opportunity and encouragement to explore other areas of collaboration, such as exchanging experience and knowledge. He added that Serbia has valuable experience to share in evaluating the risks posed by virtual asset service providers and companies financing proliferation. He also mentioned that Serbia is one of the first countries in the region to conduct such assessments.
Minister Siniša Mali emphasised the significance of the UAE as an important and friendly partner of Serbia, and the importance of further enhancing strategic relations between the two countries. He highlighted successful joint projects, such as the Belgrade Waterfront and investments in Air Serbia, and expressed his pleasure in taking steps to enhance cooperation in the area of anti-money laundering and counter-terrorism financing (AML/CFT). Mali acknowledged that money laundering has negative effects on a state and society, and that Serbia is open to cooperation and information sharing in this dynamic and sensitive field, particularly with the increased use of new technologies.
Both parties committed to working together to combat financial crime and secure the global financial system.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago