Financial Action Task Force (FATF) accredited H.E. Dr. Maryam Buti Al Suwaidi - Acting CEO of Securities and Commodities Authority (SCA)- as an accredited assessor and expert in evaluating the national level systems of combating money laundering and terrorism financing and evaluating the effectiveness of these systems using the evaluation methodology issued in 2013 by FATF for its second round of country evaluations. H.E Dr. Maryam Al Suwaidi is the first Emirati woman to receive this coveted recognition from FATF.
Based on this accreditation, FATF will use the assistance of the Acting CEO of SCA in the evaluation processes to be carried out by FATF for countries during the second round of evaluations.
Commenting on the resolution, H.E. Dr. Maryam Al Suwaidi stated that: "This accreditation reflects the continuous efforts of the UAE and the Securities and Commodities Authority, under the leadership of its Chairman of the Board of Directors HE Abdulla Bin Touq Al Marri Minister of Economy, to actively contribute to the activities and initiatives, in combating money laundering and terrorism financing, within the framework of the role entrusted to it in implementing the national strategy to combat money laundering and terrorism financing. It also enhances the international community’s appreciation of the UAE’s role and reflects its global standing.”
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism. They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. The FATF also works to stop funding for weapons of mass destruction.
Through its assessments, the FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.