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UAE freezes suspected terror funds

posted on 09/10/2007: 1680 views


The UAE said yesterday it had frozen 17 bank accounts totalling $1.3 million because of suspected links to terrorism financing. "Some accounts have been frozen in line with UN resolutions,” said Abdulrahim Al Awadi, head of the anti-money laundering unit at the UAE central bank. "They have been referred to a special committee at the United Nations,” he said in Abu Dhabi. Since 2003, the UAE has also required informal money transfer outlets, known as hawala brokers, to register with the central bank. It has approved 246 hawala brokers and is processing the applications of 70 more, Awadi said. (Reuters)

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