A summit organised by the Executive Office for the Committee for Goods and Materials Subject to Import and Export Control, the Gulf Cooperation Council (GCC) and the Executive Office to Combat Money Laundering and Counter Terrorism Financing, titled, "Targeted Financial Sanctions Summit 2022-Countering Terrorist and Proliferation Financing," concluded today.
The two-day summit, held at the Fazaa Pavilion at Expo 2020 Dubai, was attended by delegations from GCC countries, a United Nations monitoring team, representatives of relevant national authorities, delegations from the United States, the United Kingdom, and other entities.
The event raised awareness among participants of the work of the Financial Action Task Force (FATF) and the procedures for implementing targeted financial sanctions in line with United Nations Security Council resolutions related to countering terrorism and arms proliferation. The event also highlighted the importance of international cooperation in the exchange of knowledge and best practices.
During the event’s opening speech, Talal Al Tunaiji, Director of the Executive Office for the Committee for Goods and Materials Subject to Import and Export Control, welcomed Dr. Jawhar Al Nafisi, Chairman of the Financial Action Task Force for the Middle East and North Africa, along with experts and participants from GCC countries and relevant government agencies in the country, and representatives of financial institutions and non-financial businesses and professions.
"Over many years, the UAE has aimed to establish the necessary legislative frameworks to meet international requirements related to countering terrorism financing and implement targeted financial sanctions to protect the financial and banking system from operations connected to terrorism.
Under this framework, the UAE has issued a range of legislation, including Federal Law No. 20 of 2018 on countering money laundering and the financing of terrorism, which was issued to advance the country’s legislative and legal structure and ensure compliance with international anti-money laundering and countering the financing of terrorism standards, and the adoption of Security Council resolutions aimed at combatting terrorism and its financing, followed by the issuance of UAE Cabinet Resolution No. 20 of 2019, which was updated in 2020 by Resolution No. 74 regarding terrorist lists and the implementation of Security Council resolutions to prevent terrorism and its financing and stop arms proliferation and related financing," he said.
Rashid Al Manaei, Director of the Targeted Financial Sanctions Administration at the Executive Office for the Committee for Goods and Materials Subject to Import and Export Control, said the partnership with the GCC Secretariat-General and the participation of the Middle East and North Africa Financial Action Task Force (MENAFATF) and representatives of GCC countries represent added value to the summit.
The summit witnessed discussions on the exchange of expertise and best practices, thereby achieving its objective to raise awareness about targeted financial sanctions and limit the risks posed by the financing of terrorism.
