Identifier
Created
Classification
Origin
04ABUDHABI1298
2004-04-26 09:28:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Abu Dhabi
Cable title:
UAE CENTRAL BANK ON FATF/CTAG PARTICIPATION
how-tonull Diana T Fritz 03/15/2007 02:45:44 PM From DB/Inbox: Search Results Cable Text: UNCLASSIFIED SIPDIS TELEGRAM April 26, 2004 To: No Action Addressee Action: Unknown From: AMEMBASSY ABU DHABI (ABU DHABI 1298 - ROUTINE) TAGS: EFIN, PTER, ECON, KCRM Captions: None Subject: UAE CENTRAL BANK ON FATF/CTAG PARTICIPATION Ref: None _________________________________________________________________ UNCLAS ABU DHABI 01298 SIPDIS CXABU: ACTION: ECON INFO: P/M FCS AMB DCM POL DISSEMINATION: ECON CHARGE: PROG APPROVED: CDA: RALBRIGHT DRAFTED: ECON:OJOHN CLEARED: NONE VZCZCADI350 RR RUEHC RUEHDI RUEATRS DE RUEHAD #1298 1170928 ZNR UUUUU ZZH R 260928Z APR 04 FM AMEMBASSY ABU DHABI TO RUEHC/SECSTATE WASHDC 4112 INFO RUEHDI/AMCONSUL DUBAI 3963 RUEATRS/TREASURY DEPT WASHDC
UNCLAS ABU DHABI 001298
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, S/CT, INL/ENT, EB/ESC
TREASURY FOR ZARATE, GLASER, AND MURDEN
E.O. 12958: NA
TAGS: EFIN KCRM PTER ECON TC
SUBJECT: UAE CENTRAL BANK ON FATF/CTAG PARTICIPATION
REF: STATE 73900
UNCLAS ABU DHABI 001298
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, S/CT, INL/ENT, EB/ESC
TREASURY FOR ZARATE, GLASER, AND MURDEN
E.O. 12958: NA
TAGS: EFIN KCRM PTER ECON TC
SUBJECT: UAE CENTRAL BANK ON FATF/CTAG PARTICIPATION
REF: STATE 73900
1. (SBU) DCM and EconChief met with UAE Central
Bank Governor Sultan Nasser Al-Suwaidi on April 11.
During that meeting, Al-Suwaidi stated that the UAE
continued to be interested in money laundering
training opportunities with the USG. He suggested
that the UAEG customs authorities could benefit
from having anti-money laundering training,
especially in the area of trade (commodities) based
money laundering).
2. (SBU) EconChief used the opportunity to ask the
Governor to reconsider participating in the
FATF/CTAG technical assistance needs assessment
process(reftel). In response, Al-Suwaidi explained
that the UAE had recently participated in the IMF's
Anti-Money Laundering assessment. He noted that
the IMF's assessment had lasted 10 days and covered
- among other things - the financial sector, the
gold and jewelry markets and the Dubai
International Financial Center. He said that he
thought the IMF and FATF/CTAG assessments probably
covered much of the same ground, although he
acknowledged that FATF was focused more on training
opportunities. He suggested that he wanted to wait
until the IMF finished its report and highlighted
weaknesses in the UAE anti money laundering regime,
before considering a separate FATF process. As an
aside, he briefly discussed FATF's efforts to
establish a FATF regional body in the Middle East.
He said the UAE would support this, but was
interested in becoming a full FATF member in its
own right.
3. (SBU) Comment: Al-Suwaidi's remarks reflected
the UAE's preference for bilateral cooperation with
the U.S. rather than participating in a
multilateral process. He has previously criticized
FATF assessments of non-members (specifically the
Non-Cooperative Countries and Territories (NCCT)
exercise). Although the Treasury Department's
Daniel Glaser had previously explained that this
assessment was not/not like the NCCT, we believe
that Al-Suwaidi's views of that process likely
influenced his decision to opt out of another
"multilateral" assessment. Post recommends that we
wait until the IMF assessment is completed before
again approaching the UAEG on this issue. We will
need to provide the governor with concrete reasons
why we prefer that the UAEG participate in the
FATF/CTAG process, given his demonstrated
preference for working bilaterally with the U.S.
ALBRIGHT
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, S/CT, INL/ENT, EB/ESC
TREASURY FOR ZARATE, GLASER, AND MURDEN
E.O. 12958: NA
TAGS: EFIN KCRM PTER ECON TC
SUBJECT: UAE CENTRAL BANK ON FATF/CTAG PARTICIPATION
REF: STATE 73900
1. (SBU) DCM and EconChief met with UAE Central
Bank Governor Sultan Nasser Al-Suwaidi on April 11.
During that meeting, Al-Suwaidi stated that the UAE
continued to be interested in money laundering
training opportunities with the USG. He suggested
that the UAEG customs authorities could benefit
from having anti-money laundering training,
especially in the area of trade (commodities) based
money laundering).
2. (SBU) EconChief used the opportunity to ask the
Governor to reconsider participating in the
FATF/CTAG technical assistance needs assessment
process(reftel). In response, Al-Suwaidi explained
that the UAE had recently participated in the IMF's
Anti-Money Laundering assessment. He noted that
the IMF's assessment had lasted 10 days and covered
- among other things - the financial sector, the
gold and jewelry markets and the Dubai
International Financial Center. He said that he
thought the IMF and FATF/CTAG assessments probably
covered much of the same ground, although he
acknowledged that FATF was focused more on training
opportunities. He suggested that he wanted to wait
until the IMF finished its report and highlighted
weaknesses in the UAE anti money laundering regime,
before considering a separate FATF process. As an
aside, he briefly discussed FATF's efforts to
establish a FATF regional body in the Middle East.
He said the UAE would support this, but was
interested in becoming a full FATF member in its
own right.
3. (SBU) Comment: Al-Suwaidi's remarks reflected
the UAE's preference for bilateral cooperation with
the U.S. rather than participating in a
multilateral process. He has previously criticized
FATF assessments of non-members (specifically the
Non-Cooperative Countries and Territories (NCCT)
exercise). Although the Treasury Department's
Daniel Glaser had previously explained that this
assessment was not/not like the NCCT, we believe
that Al-Suwaidi's views of that process likely
influenced his decision to opt out of another
"multilateral" assessment. Post recommends that we
wait until the IMF assessment is completed before
again approaching the UAEG on this issue. We will
need to provide the governor with concrete reasons
why we prefer that the UAEG participate in the
FATF/CTAG process, given his demonstrated
preference for working bilaterally with the U.S.
ALBRIGHT