Ministry of Economy participates in IMF workshop on the application of AML/CFT risk-based approach

Ministry of Economy participates in IMF workshop on the application of AML/CFT risk-based approach

Abu Dhabi: Represented by the Anti-Money Laundering (AML) Department, the Ministry of Economy participated in a workshop organized by the International Monetary Fund (IMF), titled ‘The application of AML/CFT risk-based approach on companies operating within the Designated Non-financial Businesses and Professions (DNFBP) sector.’

The workshop was aimed at preparing MENA countries for the mutual assessment of the AML/CFT ecosystem through organizing training workshops and providing technical assistance in this regard.

Safia Al Safi, Director of the Anti-Money Laundering Department, Ministry of Economy, emphasised that the UAE has made significant strides in developing an integrated and advanced ecosystem to address money laundering crimes in line with international best practices and has also achieved highest levels of compliance. She added that the Ministry’s participation in this workshop forms part of its commitment to fostering regional and international cooperation and facilitating the exchange of expertise with partners, thus contributing to the establishment of a sustainable national AML ecosystem.

During her participation in the workshop, the Director of AML Department presented a worksheet highlighting the Ministry of Economy’s efforts in creating an integrated work ecosystem for efficient control over the country’s DNFBP sector. It detailed the organisational aspects and the structure of the Ministry’s AML Department, and