(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 22nd November, 2022 (WAM) -- The UAE's Public-Private Partnership Sub-Committee (PPPSC) has issued its first public consultation paper on the regulatory approach for strategic information sharing between the public and private sectors.
The PPPSC is Established by the National Committee for Anti-Money Laundering and Counter Financing of Terrorism and Financing of illegal organisations (NAMLCFTC) and led by the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF).
It is a ground-breaking initiative that aims to bring together relevant governmental agencies and the private sector. Its mandate is to consult with both financial institutions and designated non-financial businesses and professions (DNFBPs) from the private sector to develop best practices and share intelligence, guidance, and expertise in the fight against money laundering, the financing of terrorism, and proliferation financing.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE and Chairman of the NAMLCFTC, remarked that the UAE's establishment of its PPPSC – which is the first of its kind in the region – is a demonstration of the unwavering commitment to protecting the integrity of the global financial system in collaboration with the private sector.
He explained,“The UAE PPPSC is a unique hybrid model, as it brings together relevant governmental agencies with financial institutions and designated non-financial businesses and professions (DNFBPs) in the private sector. PPPs are fundamental today in the effective fight against money laundering, terrorism financing, and proliferation financing.
“They are designed to enhance the detection and disruption of financial crime networks and offer intelligence-led methods that deny criminals illicit profits and resources. The contributions of our private sector are instrumental in the UAE's efforts to build a sustainable and world-class AML/CFT/CPF system.”
Hamid Said Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, stressed the importance of the private sector's role.
He stated,“The private sector in the UAE is a key strategic partner across all sectors, and our endeavours to promote a sound financial system and economic activities cannot be accomplished without the private sector remaining at the heart of these initiatives. Here at the Executive Office, we have developed an integrated strategy to engage with the private sector from all relevant business sectors.”
Mohamed Shalo, Chairman of the PPPSC and Director of Communications and Strategic Partnerships at the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, welcomed the consultation paper as a landmark step in the UAE's fight against financial crime.
Shalo stated,“The UAE aims to create a regulatory approach that allows for increased intelligence sharing by creating a dedicated secure digital platform, expanding from strategic information to more operational information. This enhanced regulatory toolbox will allow private and public entities to increase their grasp of the scope and breadth of illicit money flows.”
The PPPSC will establish key performance measures for relevant task forces and working groups under its aegis and follow up on progress to ensure that cooperation between the public and private sectors continues to expand.
The UAE aims for a regulatory approach that allows for increased intelligence sharing by creating a dedicated secure digital platform. This enhanced regulatory toolbox will enable private and public entities to increase their awareness of the scope of illicit money flows.
To serve these goals, the PPPSC agreed at an inaugural meeting in August 2021 to propose the legislative framework for sharing information and intelligence between the public and private sectors. As a result, the PPPC drafted a consultation paper on a regulatory approach that allows the formal sharing of strategic information and intelligence between the public and private sectors, with consideration given to confidentiality, data protection obligations, and other rules.
This consultation paper seeks comments, suggestions and feedback from all the members and relevant stakeholders to enhance the provisions drafted.
The UAE has implemented significant reforms to combat financial crime in recent years and will continue strengthening its approach in line with international standards and the global AML/CFT agenda. In the coming months, the PPPSC is committed to developing new tools in the fight against money laundering, terrorism financing, and proliferation financing.