Conclusion of Targeted Financial Sanctions Forum - Combating Terrorist Financing and Proliferation of Weapons

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2022/02/18

The forum entitled “Targeted Financial Sanctions “Combating Terrorism Financing and Proliferation of weapons””, held by the Executive Office of the Committee for Goods and Material subjected to Import and Export Control; in collaboration with the General Secretariat of the Gulf Cooperation Council and the Executive Office of Anti-Money Laundering and Counter Terrorism Financing; has been concluded yesterday. The meeting which lasted for two days in Fazaa Pavilion- Expo 2020. The gathering was attended by delegations from the GCC countries, experts from the United Nations Monitoring Team, national stakeholders, the United States Mission, the Royal Institute of Studies in the United Kingdom and representatives from private sector- Designated Non-Financial Businesses and Professions (DNFBP) registered or licensed by oversight bodies in the UAE. The forum aims at raising awareness among the participating bodies in respect to the standards of Financial Action Task Force (FATF) and the mechanisms for implementing targeted financial sanctions in accordance with Security Council resolutions on combating the financing of terrorism and the proliferation of arms. The event also emphasized the significance of international cooperation in the exchange of information, expertise and best practices, not to mention the importance of the national coordination between relevant government agencies in this regard.

For his part, H.E. Talal Al-Teneiji, Director of the Executive Office of the Committee for Goods and Material subjected to Import and Export Control extended his welcome to Dr. Jawhar Al Nafisi, President of the Financial Working Group for the Middle East and North Africa region at its current session, the experts and members from the GCC countries and relevant government agencies in the UAE, and the representatives from various financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). His Excellency wished all participants the best of luck to benefit from the Forum sessions. Al-Teneiji stated that the Forum is the first of its kind organized by the Executive Office in view of its role as a national coordinator of targeted financial sanctions. It is part of a series of programs to support capacity-building and meet the needs of national actors in order to achieve compliance in the implementation of Security Council resolutions and “FATF” standards - especially those related to targeted financial sanctions, as well as sharing experiences and learning about developments and ways to combat the financing of terrorist groups including ISIS and al-Qaeda.

His Excellency added that the UAE has sought over the past years to develop the necessary legislative frameworks to ensure that international requirements are met in the fight against terrorist financing and the application of targeted financial sanctions in order to protect the financial and banking system from passing any operations that might be linked to terrorist activities or operations.

The UAE has passed a series of legislations, including the Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism and financing of illegal organizations, which has established operational frameworks to combat money laundering and terrorist financing offences and adopted Security Council resolutions related to combating and financing terrorism, followed by Cabinet Resolution 20 of 2019, which was updated in 2020 with Resolution 74 on the terrorism list system and the implementation of Security Council resolutions on the prevention, suppression and financing of terrorism, the cessation of the spread of armaments and its financing and related resolutions. This included clarifying the roles of national actors and private sector to ensure the immediate freezing of funds and assets belonging to individuals and entities on the domestic terrorism list and the United Nations Security Council's consolidated sanctions list.

 

 H.E. Rashid Al Mannai, Director of  Targeted Financial Sanctions Department at the Executive Office of the Committee for Goods and Material subjected to Import and Export Control on his part noted that the partnership with the General Secretariat of the Gulf Cooperation Council and the participation of the Middle East and North Africa Financial Working Group and representatives of the GCC countries are a valuable addition to the forum, where its sessions witnessed a diversity of experiences and review of best practices, which ultimately aim at raising  awareness about targeted financial sanctions and reduce the risks arising in terrorist financing and arms proliferation and the use of virtual assets in illegal acts, as well as the recognition of the approach of participating States and the strengthening of partnership, particularly in assessing the risks of financing the proliferation of weapons.