UAE AML/CFT PPPC to combat money laundering, terrorist financing

The UAE AML/CFT Public Private Partnership Committee (“PPPC”) is consulting on regulating strategic cooperation and information sharing among partners in the prevention and countermeasures against money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

In this regard, the UAE PPPC was established pursuant to Executive Decision No. (549) of 2021. By sharing information and intelligence between government agencies and the private sector, it detects and disrupts activities, mitigating damage to the integrity of the UAE's financial system.

The PPPC is composed of government agencies and private sector representatives, whose main objectives are to create a platform for the public and private sectors to share information and insights and improve communication channels to better understand risk, build capacity and share expertise.

In light of the above, how can MBG help?

MBG will assist in reviewing and conducting gap analysis on the existing AML compliance framework of the DNFBPs. Moreover, we shall also assist in the registration and appointment of an MLRO, developing AML policies, conducting training programs, and ongoing compliances for the clientele onboarding. We shall also assist in submitting any suspicious transactions report and conducting customer and enhanced due diligence.