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UAE launches training programmes to fight illicit finance

Wam/Abu Dhabi
Filed on February 28, 2021
Training AML/CFT practitioners is an essential step towards meeting the challenges posed by today’s global financial system.

(Reuters)

Projects to fulfill UAE’s national obligations in combating financial crime

The UAE Higher Committee Overseeing the National Strategy on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) has launched two programmes to train and certify professionals on global compliance standards and procedures to fight illicit finance.

Under the programme, more than 140 professionals working alongside 36 federal and local competent authorities in the UAE will train to obtain their Certified Anti-Money Laundering Specialist (CAMS) certification — the global gold standard in AML certifications or their Certified Global Sanctions Specialist (CGSS) certification — a global programme aimed to equip professionals with the tools required to understand and interpret changing sanctions regimes.

Abdulla bin Touq Al Mari, UAE Minister of Economy, said: “Training AML/CFT practitioners is an essential step towards meeting the challenges posed by today’s global financial system and fulfilling the UAE’s national obligations in combating financial crime. Through the landmark partnership between ADGMA and ACAMS, the UAE is ensuring that professionals equipped with essential knowledge remain at the forefront of their field. We look forward to advancing this fruitful cooperation as we prepare the next generation of specialists.”

Scott Liles, president and managing director of ACAMS, said: “This partnership is very timely and allows us to work proactively with institutions in Abu Dhabi. The linchpin of the partnership is the delivery of the ACAMS Certification Programme Series which includes the CAMS certification and the Certified Global Sanctions Specialist.”

As part of their training, CAMS recipients will learn how to further safeguard institutions and other supervised entities from financial and reputational harm, including the implementation of a risk-based approach to AML/CFT policies and procedures, the development of a top-down compliance culture and training on the evolving typologies and risks of financial crime.

The CGSS programme will train mid- to senior-level professionals on the legal framework, regulatory expectations, and criminal typologies associated with the highly complex and rapidly changing sanctions space, including how to identify potential instances of sanctions evasion tied to trade finance and banking, and conduct due diligence reviews of high-risk entities and transactions.

Following a three-month training period, participants of both programmes will take an examination and, upon successful completion of this examination will obtain one of two certifications based on global compliance standards and educational materials shaped by ACAMS subject-matter experts from around the world.

The establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism was approved by the UAE Cabinet last week. Both training programmes announced today are in line with the National Action Plan and the government’s strategies to enhance the skillsets of financial crime prevention professionals.





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