>> H.E. Safeya Al Safi: The programme is part of the Ministry’s efforts to enhance awareness of the risks and requirements associated with combating money laundering and countering the financing of terrorism in accordance with global best practices.

Abu Dhabi, 08 January 2025 -The Ministry of Economy has launched a specialised training programme aimed at developing capacities, professional skills, and compliance awareness among compliance officers in Designated Non-Financial Businesses and Professions (DNFBPs), under its supervision, and private sector employees to combat money laundering and counter the financing of terrorism.

This initiative, developed in collaboration with the International Compliance Association (ICA), is designed to create a safe environment for conducting and establishing businesses. It seeks to provide an attractive climate for business and investment across various sectors while promoting a resilient and forward-looking economic model that ensures stability and aligns with future trends.

Her Excellency Safeya Hashem Al Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector, stated that the programme is part of the Ministry’s ongoing efforts to enhance the knowledge and skills of compliance professionals within the DNFBPs, focusing on the risks and requirements of combating money laundering and terrorist financing. “It aims to raise the level of compliance culture among the entities under the Ministry’s supervision and to strengthen their role in combating money laundering and terrorist financing crimes. This is to solidify the UAE’s position as a competitive economic hub that applies the highest standards of financial integrity,” H.E. added.

H.E. Safeya Al Safi emphasised that collaboration with the ICA marks a significant step towards training compliance officers, who specialise in implementing the highest standards of compliance within companies operating in the DNFBPs sectors, overseen by the Ministry of Economy. These sectors include real estate agents and brokers, traders of precious metals and gemstones, auditors, and corporate service providers, all adhering to international best practices. This initiative will play a key role in fostering a stable economic environment and boosting confidence in the country’s investment climate

Under this first-of-its-kind initiative, certification titled ‘ICA/MoEc Certificate in AML/CFT DNFBPs’ will be awarded to compliance officers and private sector employees who successfully complete the programme. This presents an ideal opportunity for DNFBP compliance officers, professionals from other sectors, recent graduates, and stakeholders to develop their skills and learn global standards for combating financial crimes.

The programme, which spans four months and features six core modules, offers an in-depth exploration of key topics such as money laundering and terrorist financing, global standards and compliance obligations, money laundering and terrorist financing risk assessment, due diligence and enhanced due diligence, suspicious activity reporting requirements, targeted financial sanctions guidelines, governance frameworks, and internal controls. Training will be delivered through an interactive digital platform providing accessible study materials. Participants can also attend virtual training sessions to prepare for the exam, with two attempts to pass.

This program is the outcome of a partnership between the UAE Ministry of Economy and the ICA, aimed at supporting the UAE’s efforts to promote compliance and raise awareness about combating money laundering, terrorist financing, and the proliferation of weapons in the DNFBP sectors.

The ICA is a leading global organisation that offers specialised training and professional programmes in regulatory compliance and financial crime prevention. Since 2001, ICA has empowered over 180,000 professionals worldwide by enhancing their knowledge, skills, and professional conduct through its comprehensive and diverse range of programmes.

For more information about the training programme and to register, please visit the Professional Certificate section on Combatting Money Laundering & Terrorism Financing on the Ministry of Economy’s website via the following link: https://www.moec.gov.ae/professional-certificate.