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UAE offers help to developing markets countries in fighting money laundering

posted on 22/09/2003: 1598 views

The UAE Central Bank yesterday offered to help developing market countries set up the legal, regulatory and policing structures necessary to maintain the international fight against money laundering and terrorism financing. "We are ready to share our expertise with countries which have less experience in dealing with these matters than we have. Our legislation and regulatory procedures meet the highest international standards," said Abdulrahim Mohamed Al Awadi, assistant executive director and in charge of anti-money laundering and suspicious cases unit (AMLSCU) at the UAE Central Bank.

Al-Awadi was speaking at a seminar here in which senior officials from the Central Bank and the AMLSCU gave detailed explanations of the strategy adopted by the UAE to detect, convict and deter those involved in money laundering and terrorism financing. The seminar was primarily targeted at delegates from developing market countries attending the IMF/World Bank annual meetings in Dubai.

Al-Awadi argues that co-operation is the only way to meet the challenge. "The campaign on global money laundering are only as strong as the weakest link, which means that governments now have to work together. The seminar shows the UAE's commitment to extending international co-operation," he noted. He said that the solution was to offer assistance to improve their controls, including those states which had not yet met Financial Action Task Force (FATF) standards.

"We should not be naming and shaming these countries but helping them establish the right laws and controls. The UAE is extremely well placed to provide this advice as it has adopted an internationally respected strategy to deal with money laundering and terrorism finance. Its laws conform and in some cases exceed the standards demanded by international organisations including the FATF and the International Monetary Fund.

"Our laws and regulations are accepted as an excellent model. We participate actively in multilateral organisations involved in drawing up international standards and laws," said Al-Awadi. In line with its obligations as a member of the Egmont Group (which governs exchange of information between members states), the UAE is signing memorandums of understanding with financial intelligence units (FIUs) across the world. "The UAE already provides information to other FIUs whether or not there are formal agreements. However some other countries, including the United States and the United Kingdom, do not yet provide us with information as there is no formal agreement to do so," said Al-Awadi. (The 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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