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UAE ready to help others fight money laundering

posted on 27/04/2004: 1417 views

The UAE Central Bank, which has put in place a comprehensive regime of anti-money laundering laws and regulation, is willing to provide assistance to other countries in terms of drafting laws and creating financial intelligence units. Abdulrahim Mohamed Al Awadi, Assistant Executive Director and In Charge of Anti-Laundering and Suspicious Cases Unit of the Central Bank of the UAE, said the Emirates is fully committed in its endeavours to fight money laundering and terrorism financing and has demonstrated strong leadership in the region, according to reports in the UAE's dailies.

Outlining the mechanisms put into place to help combat terrorism and the criminal exploitation of its financial systems, he said the Central Bank is empowered to issue freeze orders on funds anywhere in the financial system in the UAE, and to monitor accounts which may be used to facilitate terrorism, placing obligations on people and financial institution to report any suspicious transaction. "It is extremely important to ensure that funds emanating from illegal activities abroad are not run through the financial system in the country, irrespective of where the crimes are committed."

"The Central Bank of the UAE has set a ceiling of Dh40, 000 for the amount that may be brought into the country in cash or equivalent without the need for declaration. A regulation has also been issued exclusively to money-changers to ensure that all outward remittance of Dh2000 and above are duly documented with proper identification of customers," he pointed out.

The Securities and Commodities Authority of the UAE has also issued circular concerning procedures for anti-money laundering. These procedures apply to the securities markets licensed in the UAE, and to their brokers. Settlement of transactions amounting to Dh40, 000 and above are required to be duly documented and the investors' identity has to be verified with original identification documents with copies thereof kept on record, 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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