ADGM goes live with new AML rules

ADGM_squareAbu Dhabi Global Market (ADGM), the emirate’s international financial centre, has enacted its new laws on anti-money laundering and terrorist financing. The new rules, which followed a lengthy consultation period, are part of a concerted effort in the UAE to address financial crime. It faces an assessment later this year from the Financial Action Task Force, the global body responsible for upholding international policies on money laundering and financial crime. Its last assessment came in 2008 and while the UAE received a “satisfactory” report, the risk of falling below this level has been enough to spur the UAE’s various financial services bodies into action. The Dubai government enacted changes to its anti-money laundering rules in October 2018 while federal legislation was amended earlier this year. According to the ADGM, the changes will align its anti-money laundering rules with federal laws and will require ADGM-registered businesses to comply within 12 months. “These amendments reflect ADGM’s commitment as an international financial centre to provide a safe regulatory environment and adopt a stringent and effective financial crime prevention supervisory framework, which supports the UAE’s efforts to combat money laundering and terrorist financing activities,” said Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.