Abdullah bin Touq Al Marri, the Minister of Economy and Tourism, held a bilateral meeting with Yahya Shanar, the Governor of the Palestinian Monetary Authority and Chairman of the National Committee for Combating Money Laundering, to discuss opportunities for enhancing collaborative efforts in economic and developmental policies.
This meeting particularly focused on areas related to systems preventing financial crimes, with the presence of Safia Al-Safi, the Assistant Undersecretary for the Commercial Control and Governance Sector at the ministry.
During the discussions, both parties reviewed the latest global developments in combating financial crimes and addressed the emerging risks posed by money laundering practices to the stability of economic systems and the integrity of financial sectors.
Minister Abdullah bin Touq shed light on the United Arab Emirates’ exemplary experience in continuously developing and modernizing its legislative and regulatory framework to combat money laundering. He emphasized its crucial role in achieving high compliance levels with international laws and standards within the nation’s markets.
He stressed that enhancing economic and developmental cooperation between the UAE and Palestine aligns with the firm direction of the nation’s esteemed leadership.
He stated, “The UAE has established a distinguished and globally recognized experience in developing policies to combat financial crimes, culminating in the strengthening of its global standing as a safe, stable, and competitive economy.
The country has been removed from the enhanced monitoring list of the Financial Action Task Force (FATF), and recently from the European Parliament’s list of high-risk third countries for money laundering and terrorist financing,” underscoring the ministry’s willingness to share its experiences and expertise to support the Palestinian Authority’s efforts in this vital sector.
The meeting also highlighted the ministry’s efforts in developing the National Economic Register project “Numo,” which has created a large digital database and reliable information framework for all business licenses of companies operating in the country.
Additionally, it focused on standardizing the procedures and requirements for beneficial owners in line with international standards, as well as raising awareness and oversight on business sectors and designated non-financial professions in the UAE, including real estate brokers, precious metal traders, independent accountants, auditors, and corporate service providers.
Both parties expressed their commitment to strengthen cooperation and coordinate mutual efforts in exchanging the latest expertise regarding internationally recognized regulatory and oversight practices in combating money laundering.
They also discussed training programs designed to equip relevant personnel to effectively address the evolving patterns of financial crimes proactively, thus contributing to the integrity of financial systems and enhancing trust in the economic frameworks of both nations.