H.E. AbdulAziz Al Ghurair and U.S. Treasury Secretary Discuss US and UAE Financial and Banking Relations

H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, held a high-levedelegation led by the U.S. Assistant of the Treasury, Steven T. Mnuchin, at a supper conference held in Abu Dhabi. Both celebrations gone over crucial financial and monetary concerns of US as well as UAE bilateral interest, and explored possible ways of cooperation to address them.

H.E AbdulAziz Al-Ghurair said: "We delight in to host the Secretary of the Treasury, Steven T. Mnuchin, as well as the top-level delegation, underlining the desire and dedication to enhance the development of reciprocal teamwork and enhancement ofcollaboration as the conference supplies a platform to discuss monetary and also financial problems of shared passion. Throughout the years, there has been extensive collaboration between the USA as well as the UAE to collectively battle the money laundering and terrorist financing threat. By functioning very closely with the USA and other global partners, the UAE is showing its dedication to confront, weaken and also get rid of terrorism and also extremism across the Middle East and worldwide."

H.E added" The UAE belongs to MENA-FATF and also UAE banks work closely with our regulator, the UAE Reserve Bank, towards ensuring adherence to FATF. Referrals on Combating Money Laundering and Financing of Terrorism. Financial institutions in UAE seek to make certain that they operate in conformity with United States as well as international AML as well as assents requirements and would certainly invite any kind of additional platforms or means of participation with United States Treasury to support these purposes, in coordination with our very own regulatory authorities".

H.E. Al Ghurair also stated that the MENA FCCG (Middle East North Africa. Financial Criminal Offense Compliance Team) was established in September 2016, as a voluntary body included leading MENA banks with the purpose of assisting in cumulative activity in the fight versus loan laundering and terrorist finance in the area.

H.E. Al Ghurair additionally highlighted that UBF continues to play a substantial duty in the banking landscape. Numerous efforts have been taken on by UBF to promote a lasting banking ecosystem in the UAE and aid its member financial institutions to elevate the requirements according to global best practices. One of the UBF's key initiatives, in cooperation with the Reserve bank of UAE, was the advancement of sector standards for an effective "AML & Sanctions Compliance Structure" for banks in the UAE,needing Independent Assessment".

Various other UBF campaigns include "Tasharuk", a cyber hazard intelligence sharing platform for financial institutions in UAE, which will allow them to access tools and intelligence readily available to much better determine, shield, discover as well as reply to cyber-attacks in a timely way.

The US delegation included Sigal Mandelker, Under Secretary of the Treasury; Eli Miller, the US Secretarys Chief of Staff; Eric Meyer, US Treasury Deputy Assistant Secretary for International Affairs; Tony Sayegh, Assistant Secretary for Public Affairs; and Lyndsey Merrill, US Treasury Attach for the UAE and Oman. While the Executives attended on behalf of UBF were Shayne Nelson, Group CEO of Emirates NBD; Andre Sayegh, Deputy CEO, First Abu Dhabi Bank; AlaaEraiqat, CEO and Board Member of Abu Dhabi Commercial Bank; and Adnan Chilwan, Group CEO of Dubai Islamic Bank.