The post Virtual assets are considered in UAE’s 100 new AML/CTF recommendations appeared on BitcoinEthereumNews.com.

After the UAE was taken off the FATF (Financial Action Task Force) grey list and even prior to that, the UAE continues to take action to ensure improved AML/CTF (Anti Money Laundering) and (Counter-Terrorist Financing) especially when it comes to virtual assets. On July 10th, 2024, the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) started implementing over 100 recommendations from the UAE’s National Risk Assessment (NRA). This came after the twenty-first meeting of the Higher Committee Overseeing the National Strategy on AML/CFT, chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs. As per the announcement, efforts will focus on mitigating risks in high-risk sectors, enhancing transparency in legal entities, and supporting initiatives in the virtual assets sector. Also Read: UAE digital bank to utilize Swiss Fintech Taurus for digital asset infrastructure This initiative includes a comprehensive awareness program to address money laundering and terrorist financing risks. Between 2024 and 2026, more than 50 workshops are planned to educate stakeholders about these threats and enhance understanding and compliance across various sectors. Hamid Al Zaabi, Director-General of the EO AML/CTF, stated, “We are pleased to have concluded the latest NRA employing the World Bank Group’s methodology (WBG), and begin a new phase of implementing the recommendations as part of the UAE’s efforts to build a long-term and sustainable AML/CFT system.” He added, “The Executive Office will continue working with regulatory bodies to boost private sector awareness of money laundering risks. The impact of this awareness on authorities’ performance will be monitored through the National System for Money Laundering and Terrorism Financing Statistics in the UAE.” Al Zaabi especially note that they are committed to supporting these initiatives in the virtual assets sector. He noted their commitment to mitigate risks in high-risk…

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Filed under: News - @ July 16, 2024 12:26 pm