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UAE committed to update money laundering legislations: Al Suwaidi

posted on 19/03/2006: 1666 views

Central Bank Governor has voiced a strong commitment by the UAE to update its legislations and practical measures to combat money laundering, terrorism financing, and monetary crimes.

Governor Sultan Nasser Al Suwaidi also said the UAE was determined to cooperate in this regard with friendly countries and the international community.

Al Suwaidi made these remarks when he opened yesterday a UAE-UK joint seminar on money laundering. "This seminar reflects the determination of the United Arab Emirates and the United Kingdom to combat money-related crimes, including laundering and financing of terrorism, and their unyielding effort to strengthen their legal, control and institutional set-up to tackle such threats".

"The holding of the seminar also testifies to the two countries' willingness to exchange expertise, technology, and best practices", he remarked.

The Governor announced that the two countries were considering signing a memorandum of understanding that would set the framework for enhanced bilateral cooperation on exchange of monetary information related to money laundering and terrorism financing. These measures, he noted, were in response to the 40 recommendations on anti-money laundering and the nine recommendations on terrorism, adopted by the Financial Action Task Force (FATF).

Al Suwaidi said the UAE was keen on exposing banking, finance and law-enforcement personnel to continuous training on money laundering countermeasures. "We accord paramount attention to fostering close coordination between the financial institutions and the competent authorities. The National Committee on Combating Money Laundering plays an instrumental role in this respect," he added.

A large number of executives of banks, money exchanges, financial instructions, and other concerned government authorities are taking part in the two-day seminar to gain first hand exposure to the UK expertise in this area. (Emirates News Agency, WAM)


26 January 2017 UAE Anti Money Laundering and Suspicious Cases Unit signs cooperation MoU with Egyptian counterpart
16 June 2013 NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering
30 May 2013 UAE to tighten disclosure law
21 March 2013 National Anti-Money Laundering Committee holds first meet for 2013
15 July 2012 UAE steps up fight vs. money-laundering

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