Global Financial News

UAE launches coaching programmes to combat illicit finance – Information

The UAE Larger Committee Overseeing the Nationwide Technique on Anti-Cash Laundering (AML) and Countering the Financing of Terrorism (CFT) has launched two programmes to coach and certify professionals on international compliance requirements and procedures to combat illicit finance.

Below the programme, greater than 140 professionals working alongside 36 federal and native competent authorities within the UAE will prepare to acquire their Licensed Anti-Cash Laundering Specialist (CAMS) certification — the worldwide gold customary in AML certifications or their Licensed World Sanctions Specialist (CGSS) certification — a worldwide programme aimed to equip professionals with the instruments required to grasp and interpret altering sanctions regimes.

Abdulla bin Touq Al Mari, UAE Minister of Economic system, stated: “Coaching AML/CFT practitioners is a necessary step in direction of assembly the challenges posed by in the present day’s international monetary system and fulfilling the UAE’s nationwide obligations in combating monetary crime. By means of the landmark partnership between ADGMA and ACAMS, the UAE is making certain that professionals geared up with important information stay on the forefront of their area. We sit up for advancing this fruitful cooperation as we put together the following era of specialists.”

Scott Liles, president and managing director of ACAMS, stated: “This partnership could be very well timed and permits us to work proactively with establishments in Abu Dhabi. The linchpin of the partnership is the supply of the ACAMS Certification Programme Collection which incorporates the CAMS certification and the Licensed World Sanctions Specialist.”

As a part of their coaching, CAMS recipients will learn to additional safeguard establishments and different supervised entities from monetary and reputational hurt, together with the implementation of a risk-based strategy to AML/CFT insurance policies and procedures, the event of a top-down compliance tradition and coaching on the evolving typologies and dangers of monetary crime.

The CGSS programme will prepare mid- to senior-level professionals on the authorized framework, regulatory expectations, and prison typologies related to the extremely advanced and quickly altering sanctions area, together with how one can establish potential cases of sanctions evasion tied to commerce finance and banking, and conduct due diligence evaluations of high-risk entities and transactions.

Following a three-month coaching interval, contributors of each programmes will take an examination and, upon profitable completion of this examination will get hold of one among two certifications based mostly on international compliance requirements and academic supplies formed by ACAMS subject-matter consultants from around the globe.

The institution of the Govt Workplace of the Anti-Cash Laundering and Countering the Financing of Terrorism was permitted by the UAE Cupboard final week. Each coaching programmes introduced in the present day are according to the Nationwide Motion Plan and the federal government’s methods to boost the skillsets of monetary crime prevention professionals.

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