The revisions align with international and UAE standards in the area of anti-money laundering (AML) and counter terrorism financing (CTF).
11 February 2019, Abu Dhabi 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 email@example.com. For more details of the consultation, please click here.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
Joan Lew, Associate Director, Communications