News

Executive Office for Control and Non-Proliferation (EOCN) and Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MoU) aimed at enhancing their joint cooperation and coordination in the implementation of Targeted Financial Sanctions (TFS) and ensuring the private sector's compliance with the requirements set out in the laws and legislation.

The MoU comes in line with the UAE's commitments to adhere to the international standards issued by the Financial Action Task Force (FATF) related to TFS, and the country’s efforts to combat the financing of terrorism and proliferation.

The MoU aims to develop aspects of cooperation and coordination between the two parties in the areas of understanding the risks and typologies of terrorism financing and proliferation, supervision and oversight of the private sector, in addition to raising the level of private sector compliance with the implementation of TFS requirements and taking immediate freezing action without delay.

The MoU also stipulates cooperation in preparing the necessary guidance and training materials to raise awareness of TFS implementation requirements, and conducting training programs and workshops to develop the capabilities of national cadres and the private sector.

The signing of this MoU also underscores the commitment to reinforcing the national system's effectiveness in confronting terrorism financing and proliferation crimes, thereby cementing the UAE's status as a financial and investment hub adhering to the highest international standards of integrity and transparency.