The Ministry of Economy and Tourism, alongside the Ministry of Justice, organized the “First Forum for Promoting Compliance in Non-Financial Professions and Sectors Against Money Laundering Requirements for 2026” at the Ministry of Justice’s headquarters in Abu Dhabi. This event garnered significant participation from private sector representatives and experts in anti-money laundering (AML) and combating the financing of terrorism (CFT).
This forum is part of ongoing efforts to implement the national strategy to combat money laundering and financing of terrorism, serving as a new milestone for dialogue between the Ministry of Economy and Tourism and the Ministry of Justice. The discussions focused on improving compliance across various non-financial sectors, including real estate brokers, dealers in precious metals and gemstones, independent accountants, auditors, company service providers, as well as lawyers and legal consultants. These efforts aim to align with international standards designed to protect the financial system from unlawful exploitation while enhancing the nation’s standing in this area globally.
The event featured a series of discussions and presentations centered on supporting the application of existing legal frameworks and procedures in combating money laundering and financial crimes. This includes the efficient execution of customer due diligence and raising awareness among private sector entities regarding the importance of reporting suspicious financial activities.
Integrated Framework
In this context, Salem Ahmed Al-Tunaji, Director of the Anti-Money Laundering and Terrorism Financing Department at the Ministry of Economy and Tourism, emphasized that the ministry is dedicated to building a comprehensive framework to enhance legislative compliance in combating money laundering. This involves leveraging advanced technologies and a sophisticated technological infrastructure to ensure efficient monitoring and oversight of non-financial sectors, thereby bolstering confidence in the business environment and protecting the national economy’s reputation at both regional and international levels.
Strengthening Cooperation
Dr. Abdullah Al-Rashed, Director of the Anti-Money Laundering and Terrorism Financing Department at the Ministry of Justice, reiterated that regulatory authorities aim to foster compliance among non-financial sectors concerning money laundering and CFT requirements. These sectors include brokers, real estate agents, dealers in precious metals and gemstones, independent accountants, corporate service providers, and legal professionals, who are responsible for implementing stringent controls for reporting suspicious activities and verifying customer identities according to best international practices. The Ministry of Justice and the Ministry of Economy and Tourism are committed to enhancing the understanding of regulatory requirements among these sectors and their staff, thereby embedding a culture of compliance as a core operational responsibility.
Enhancing Regulatory Oversight
During the first session of the forum, a comprehensive vision was presented to bolster the roles of regulatory authorities in overseeing non-financial sectors. This session was attended by Salem Ahmad Al-Tunaji and Dr. Abdullah Ahmad Al-Rashed, and it outlined a collaborative approach involving government entities to improve supervision and oversight in these sectors. This includes adopting robust legislative and regulatory frameworks, effective information sharing, activating inspection and awareness mechanisms, and ongoing coordination with the private sector to ensure precise understanding of risks and achieving the highest levels of compliance with AML/CFT requirements.
National Assessment
The second session spotlighted the outcomes of the national risk assessment, providing a thorough understanding of the challenges associated with AML and CFT across various sectors, particularly non-financial professions. It also highlighted how this assessment empowers regulatory bodies, including the Ministry of Economy and Tourism and the Ministry of Justice, to coordinate efforts and prioritize the development of regulatory frameworks and internal policies, enhancing oversight and compliance mechanisms based on a risk assessment approach to safeguard the national financial system and promote financial transparency.
Client Due Diligence Requirements
A presentation during the forum discussed the due diligence requirements for non-financial business sectors, emphasizing the obligation of entities in these sectors to implement precise customer due diligence measures. This includes verifying the identities of customers and beneficial owners and assessing risks throughout the business relationship to bolster oversight efficacy, detect suspicious activities, and ensure full compliance with national and international standards.
Challenges in Due Diligence Requirements
International Methodology
The forum also addressed various challenges faced in the application of due diligence requirements, such as limited resources, the need to enhance specialized expertise, accurate understanding of legal frameworks, reliance on manual processes, and inadequate current technical tools. This necessitates the improvement of internal policies and procedures along with the development of human capacities to ensure comprehensive legislative compliance with the specific regulatory standards.
Practical Methodology for Mutual Evaluation
The forum concluded with a presentation by the Ministry of Economy and Tourism regarding the practical methodology for mutual evaluation established by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). This session reviewed the efficiency and effectiveness of the measures implemented to combat money laundering and terrorism financing by analyzing the technical compliance with the recommendations and assessing the practical outcomes of the national financial system, providing necessary actionable recommendations for achieving the highest levels of compliance and transparency.