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Suwaidi calls for international co-operation against money laundering

posted on 22/09/2003: 1482 views


Money laundering is a "world-wide problem" and "defeating these criminals requires a united approach from every element of the international community, the UAE's Central Bank Governor said yesterday. Western Governments and international organizations also needed to improve the flow of Western governments and international organizations also needed to improve the flow of information to smaller states and tougher action had to be taken to deal with drug dealers and takers in the West, the Governor, Sultan Bin Nasser Al-Suwaidi said in a statement issued here on the sideline of the IMF/WB annual meeting.



Suwaidi said that if governments did not work together, the international anti-money laundering effort would be less effective. Those jurisdictions which had yet to meet the standards of the Financial Action Task Force standards "need assistance not condemnation. The time for naming and shaming these countries is past. We need to help them establish the right laws and controls," he said. The Governor pointed out that smaller states were often criticized for acting slowly but "often this happens because leading countries and organizations are themselves slow in passing on information to us."



He also called on western governments to take tougher action against drug dealers, drug takers, and those states where drugs are produced. "The UAE, for example, is not a source of money laundering - strong laws ensure that drug taking is not a problem in this country," he said. He said that the UAE government had introduced the necessary laws, regulations, and procedures, which enable it to play a prominent role in the campaign against money laundering and terrorist finance. Controls have also been tightened up on the Hawala system. (The Emirates News Agency, WAM)

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