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UAE has augmented its anti-money laundering stance with tougher legislation: Al Dhaheri

posted on 15/02/2004: 1929 views



The UAE has augmented its tougher anti-money laundry stance with stringent laws which made it exceedingly difficult for launderers to commit their crimes in the country's territory, said Mohammed bin Nakhira Al Dhaheri, Minister of Justice, Islamic Affairs and Awqaf. Addressing a symposium on "Investigating and Penalising Money Laundering Crimes” which opened yesterday, Al Dhaheri said that the UAE, after issuing Federal Law No. 4 of 2002 criminalising money laundering, adopted further stringent measures to ensure that the anti-money laundering crimes are not committed in the country's territories.



The UAE efforts also became part of the global efforts in this respect, with the country participating at international conferences and workshops with high-level delegations, he said. He added that the UAE would benefit from the expertise of other countries in this respect. "I hope we would benefit from the experience of the US in combating anti-money laundering crimes,” said Al Dhaheri.



For his part Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank said in his inaugural speech that the UAE had been exchanging expertise on regional and international levels and also updating its legislation to cope with the nature of money laundering crimes. He pointed out that the UAE has been cooperating particularly with the United States, Britain and Germany as part of its global efforts. Suwaidi hailed the cooperation of the US institutions with the relevant authorities in the UAE with respect to information on money laundering.



He underlined the menace of money laundering crimes, saying that these crimes affect the society as they are related to terrorism, drugs, bribery, corruption, commercial adulteration and other crimes. "That is why they must be combated through concerted efforts,” he said. The two-day symposium is being organised by the Central Bank in cooperation with the Ministry of Justice. The opening session was attended by Marcelle Wahba, US ambassador. (The Emirates News Agency, WAM)



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