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UAE and Canada plan action against money laundering

posted on 21/09/2005: 1509 views



The UAE and Canada may join forces to curb money laundering after senior financial experts from both countries met recently in Ottawa, a Canadian minister said. The UAE delegation, headed by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank and Chairman of the National Anti-Money Laundering Committee, met Canadian Central Bank and Fintrack officials.



"The Governor said he had excellent discussions and (the UAE) is looking at means of further cooperation in the future," James Petersen, Canadian Minister of International Trade, told Gulf News on Monday. Canada has formed an institution to combat money laundering called Fintrack (Financial Transactions and Reports Analysis Centre). Financial institutions and all providers of financial services are required to report certain transactions to this body. It analyses the reports for links to money laundering or terrorist-financing activities.



In March, the UAE announced at a GCC-European Union seminar on combating terrorism that it had frozen 17 suspicious bank accounts totalling Dh4.95 million. The UAE has the region's first anti-money laundering body with over 100 specialists.



Petersen also said that he looked forward to Etihad's inaugural flight to Toronto. He said good transportation was the key to increasing tourism and business and hoped that there would be six weekly flights as agreed upon. (The Gulf News)

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