Top US Treasury official urges UAE bankers over vital 'open communication' on illicit activities

Deputy US secretary of the Treasury Wally Adeyemo has called on UAE banking leaders have "open communication" as it was "critically important" for the financial sector to counter illicit activities such as terrorist and proliferation financing.

Adeyemo was in the UAE on a business trip yesterday where he met with members of the UAE Banks Federation to discuss economic opportunities, money laundering and illicit finance.

A US Treasury statement on 16 November said that "a major focus of the Treasury Department is engaging with the financial sector to help counter terrorist and proliferation financing, among other illicit activities".

"Participants shared their views about the banking sector's role in the global economic recovery, risks facing the financial sector in the region, and cybersecurity.

"Finally, Deputy Secretary Adeyemo underscored the need for open communication with the financial sector, as it is critically important to joint efforts to protect the US and international financial systems from abuse."