Sep 08, 2020In its continuous efforts in eliminating risks of financial crimes in the UAE, the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations announced in its sixth meeting, the launch of ‘FAWRI TICK’, a smart platform developed by the Federal Authority for Nuclear Regulation under the supervision and management of the sub-technical committee comprising of members of NAMLCFTC and the Federal Authority for Nuclear Regulation (FANR).
Fawri Tick, a unified system that integrates various federal and local authorities, facilitates communication and decisions among all relevant authorities involved and enables immediate action within few hours for a single case when compared to a full day duration taken by international systems and platforms to mitigate a related crime. For instance, in the case of shipments suspected of violating the UAE and international laws, as well as Security Council Resolution 1540 of the United Nations, in preventing the spread of weapons of mass destruction, the FAWRI TICK platform enables a swift response framework within a timeframe of 3 hours.
The development of the FAWRI TICK platform aligns with requirements of the Financial Action Task Force (FATF) and the relevant Security Council requirements to undertake necessary actions towards illegal financing of weapons.
H.E. Abdulhamid M. Saeed Alahamadi, Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations Committee, said: “The launch of FAWRI TICK reflects our efforts and commitment towards achieving the National Strategy for Anti-Money Laundering and Countering Financing of Terrorism, underpinned by the guidance of the Higher Committee overseeing the strategy. The smart platform allows the country to apply a strict control measures to respond effectively to financial crimes and more importantly eliminating them in a timely manner. In keeping with the commitment, we continue to develop and implement a robust regulatory framework that is consistent with the international standards and national policy objectives.”
Commenting on the launch, Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation (FANR), said: Today’s announcement marks a major milestone for the UAE in its ongoing efforts to combating money laundering and eradicating terrorism sources. The Federal Authority for Nuclear Regulation (FANR), being a member in the sub-committee to combat financing of terrorism, financing of illegal organizations and proliferation financing, is delighted to work with federal and national stakeholders to develop such a smart system. FANR employed both its mandate as a nuclear regulator and its innovative technologies, in cooperation with subcommittee members, to develop the platform to provide timely information and measures. Collaboration is of paramount important for FANR to achieve UAE goals. Fawri Tick platform is the fruit of the cooperation that will serve such a critical sector,” said Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation (FANR).