MoEc, ICA sign agreement to implement training programmes on AML/CFT mechanisms

The Ministry of the Economy (MoEc) signed a partnership agreement with the International Compliance Association (ICA) to implement a specialised training programme on anti-money laundering for the Ministry employees and private sector businesses, especially Designated Non-Financial Businesses and Professions (DNFBPs), starting January 2024.

The agreement aligns with the UAE's efforts to promote awareness of the culture of compliance within the private sector and the importance of combatting money laundering and terrorism financing.

The agreement was signed by Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, and Pekka Dare, President of ICA.

Al Saleh said,

"The UAE has made great strides in the development of an integrated and robust system for countering money-laundering crimes, combating terrorism financing and the proliferation of armaments as a strategic national priority, in line with its AML/CFT legislation, the requirements put in place to counter the proliferation of armaments, and the standards issued by the Financial Action Task Force (FATF)."

He added that the agreement further aims to develop sectors' performance at the national and international levels in line with global best practices, creating a business environment free of illegal practices, enhancing investor confidence in the UAE's overall investment climate, and enabling better financial procedures and creating a business environment free from any illegal practices.

The ICA President expressed his pleasure at signing the agreement with the Ministry of Economy, emphasising the importance of cooperation and coordination in preparing an effective training programme. All training programme activities will be carried out in coordination between the Association and the Ministry's working group.

The agreement includes providing specialised, Certified training programmes for those operating in the DNFBP sector on the foundations and mechanisms of AML/CFT. Participants will obtain specialised professional certificates from ICA.

The Ministry explained that the training sessions will be offered virtually through its 'Continuous Learning Academy' platform by linking it to the ICA training programmes window according to a specific schedule, which is being developed.

News Source: Emirates News Agency