UAE ministers and government officials have urged executives from Designated Non-financial Businesses and Professions to raise awareness about how to combat money laundering and the financing of terrorism.
DNFBPs include professions outside the financial services sector that have heightened anti-money laundering/combating the financing of terrorism (AML/CFT) exposure.
The discussions focused on onshore and offshore DNFBPs, highlighting the UAE’s AML/CFT framework and practical actions to improve public-private sector collaboration in this area, state news agency Wam said on Monday.
“An effective system to combat money laundering and terrorist financing begins with an active and engaged partnership between the public and private sectors. Financial institutions have a core role to play, but so do DNFBPs,” Ahmed Al Sayegh, Minister of State, said in a statement to Wam.
“This involves identifying, assessing and taking preventative action to mitigate the risks of being involved in facilitating the transfer of illicit proceeds for money laundering or terrorist financing purposes.”
The UAE has strict measures to combat money laundering. The country set up an agency this year to identify money launderers and those suspected of financing terrorists and organised crime. The UAE Central Bank also regularly issues guidelines on how companies can assess money-laundering risks.
Led by UAE government authorities, more than six hundred DNFBP constituents joined sessions to improve their understanding of key risks in this sector, regulatory and enforcement developments and the importance of enhanced engagement between the public and private sectors to prevent financial crime.
“These awareness-raising sessions come at a critical time in strengthening the UAE’s approach to financial crime and build on the recent dedicated events held with financial institutions,” Abdalla Al Shamsi, assistant under-secretary for monitoring and follow up at the Ministry of Economy, said.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
The specs
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RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
