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UAE backs global anti-money laundering campaign

posted on 14/06/2004: 1380 views

The UAE yesterday reiterated its full cooperation and support for global anti-money laundering campaign as per regional and international agreements and conventions. 'The UAE Central Bank doesn't open secret accounts and gives firm orders to banks and financial institutions not to do so,' said Abdul Rahim Al Awadi, Executive Director of the Anti-Money Laundering and Suspicious Cases Unit, AMLSCU, of the Central Bank. He told the third annual conference on risk management in the banking sector that the UAE had cooperated with the US and other countries in the fight against terrorism and money laundering. '

'We have received teams from the US, the UK, Germany, Pakistan and the GCC countries as part of investigations to trace funds in connection with financing terrorism and money laundering,' he added. At the end of 2002, he noted the UAE issued important regulations to banks, moneychangers and financial institutions related to suspicious transactions and customer identification and froze accounts of suspicious individuals and companies. (The Emirates News Agency, WAM)


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