UAE Banks Federation meets with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to Reinforce Financial and Banking Relations
Senior compliance bankers of UAE Banks and high-level OFAC and U.S. delegates attended a meeting to discuss key financial topics and ongoing developments in the banking sector
Abu Dhabi, 29 September, 2019: A meeting between UBF (UAE Banks Federation) on one side and the U.S. Treasury Department’s OFAC on the other was held yesterday in Dubai to discuss recent developments and important topics in the finance and banking sector, as part of UBF's continued efforts and contributions to further strengthen bilateral banking relations and cooperation.
Delegations were led by Jamal Saleh, Director General of UAE Banks Federation and the U.S. Treasury Attache to the UAE where both delegations discussed key topics of importance within the industry. U.S. Treasury representatives outlined OFAC’s (Office of Foreign Assets Control) implementation and enforcement of U.S. sanctions including current trends and recent developments. Both parties also discussed sanctions evasion techniques, exploitation of private firms, the implications for financial and banking businesses operating in the UAE, and best practices to mitigate sanctions exposure.
Commenting on this meeting, H.E. AbdulAziz Al Ghurair said: “Once again, we are pleased to have welcomed the U.S. Treasury’s OFAC, along with the team of high-level U.S. delegates as part of our ongoing dialogue and exchange of expertise. The phenomenal amount of change in the finance and banking sector throughout the past few years has encouraged us to reinforce our ties with our international partners in order to strengthen the development of the banking sector. These meetings not only highlight UBF’s pledge to improve compliance and banking regulations in the UAE, but also prove to be crucial platforms for sharing knowledge and information, discussing key issues and developments in the sector, and encouraging positive and collective collaborations between key players in the industry.” The meeting was also attended by executives of UBF’s member UAE Banks, including senior compliance officers from Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates NBD, Dubai Islamic Bank, National Bank of Fujairah, Bank of Sharjah, First Abu Dhabi Bank, RAK Bank, Emirates Islamic Bank, Noor Bank, Mashreq Bank, Standard Chartered Bank, Arab Bank, CITI Bank, BOK International Bank, and Arab African International Bank.