The UAE Banks Federation (UBF) and high-level delegates from the US Treasury discussed key banking and financial issues which affect both the parties such as money laundering. Both the parties committed themselves to work together in dealing with money laundering and other mutual issues such as fraud and terrorism financing.
Representatives of the UAE Banks Federation and US Treasury delegates also discussed areas of collaboration to address key challenges within the banking sector.
With regard to the dinner meeting with US delegates, AbdulAziz Al Ghurair, Chairman of UAE Banks Federation told the media that, “The banking and finance industry continues to experience ongoing disruption and transformational change. It has, therefore, become more important than ever for regulatory bodies to strike an important balance between cultivating innovation and mitigating risk. With this in mind, we continue to work closely with our international partners to ensure that all UAE based banks operate in strong compliance with global regulations.”
He added, “A critical focus for us is tackling growing global threats such as money laundering and illicit financing, in order to effectively help create a fair, transparent and sustainable operating financial system.”
He also highlighted that such meetings provide an excellent platform for both parties to share knowledge and expertise, discuss recent developments and mutual issues.
The representatives of the UAE Banks Federation included CEO of major gulf banks such as Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, National Bank of Fujairah, RAKBANK and Mashreq Bank.
The US Treasury Under Secretary’s visit to UAE is also a part of its effort to pressurise Iran, which has so far refused to negotiate with the US unless sanctions are lifted. Earlier this year, the US suspended waivers that allowed countries to buy Iranian oil.