Abu Dhabi Global Market undertakes public consultation on revisions to its anti-money laundering regime
Source: ADGM , Author: Posted by BI-ME staff
Posted: Mon February 11, 2019 4:30 pm

UAE. Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, today published a consultation paper setting out proposed revisions to ADGM’s regime for combatting money laundering, the financing of terrorism and proliferation, and the financing of unlawful organisations. 

The proposed revisions to the existing anti-money laundering regime have been formulated in the context of a recent review of the federal criminal laws of the United Arab Emirates in relation to money laundering, terrorist financing and the financing of unlawful organisations. 

These proposed enhancements are aligned with the recently revised UAE Federal anti-money laundering legislation and the recommendations of the Financial Action Task Force (FATF).

As an international financial centre and financial regulator, ADGM places great importance and efforts on maintaining a robust regulatory framework applicable to financial intuitions and other relevant firms. ADGM’s financial regulatory regime is designed to fulfill and augment the ongoing efforts of the UAE in combatting financial crimes.

Financial institutions and designated non-financial businesses and professionals registered in ADGM will be required to comply with the revisions to the regime.

In 2017, ADGM established the Financial Crime Prevention Unit (FCPU) to promote sound practices in financial crime prevention, including AML/CFT as well as compliance with international tax reporting obligations. 

ADGM invites the public and industry participants to submit their comments of the proposed framework and draft regulations and rules by 12 March 2019 to consultation@adgm.com. For more details of the consultation, please click here.

 

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