EOCN holds ROUNDTABLE MEETINGS

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2023/02/28

The Executive Office for Control and Non-Proliferation (EOCN) has held roundtable meetings covering several simultaneous discussion sessions for financial institutions and designated non-financial businesses and professions (DNFBP), in cooperation with regulatory authorities in the UAE. The roundtable sessions aim at enhancing communication with private sector to consider the requirements for implementing targeted financial sanctions (TFS) and reaching a set of proposals and recommendations that would contribute to raising the level of effectiveness of private sector in applying TFS.

 

In a speech opening the meeting, Mr. Rashid Al-Mannai, Director of TFS Department at EOCN has praised the efforts of private sector institutions in implementing national obligations to combat the financing of terrorism and proliferation. This is in accordance with international best practices and in line with international standards issued by the Financial Action Task Force (FATF), including relevant UN Security Council resolutions.

 

The first roundtable session has brought together managers of compliance departments in financial institutions in private sector, including banks, insurance companies, money transfer companies, financial brokerage firms and virtual asset service providers.  The second session, however, was dedicated to five discussion groups for representatives of  real estate sectors, precious metals and stones sectors, lawyers in the UAE; including attorneys in free zones as well as providers of company incorporation services in the UAE.

 

In their interventions, participants have affirmed their commitment to advancing efforts to combat the financing of terrorism and proliferation, and focusing work on addressing the challenges that the private sector may encounter to ensure compliance and effective implementation of the requirements of applying TFS.