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UAE set to sign UN anti-terrorist financing pact

posted on 23/12/2001: 751 views


Abu Dhabi, Dec. 22, 2001 (WAM) The UAE is set to sign the United Nation's International Convention for Suppression of Financing Terrorism, instituted in December 1999, knowledgeable sources said, according to a report in 'Gulf News.' The country is already a signatory to the UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, instituted under Resolution No 39/141 in December 1984, they noted, according to the report. They explained that the moves come as part of the overall fight against money laundering, with the UAE Anti-Money Laundering Law itself in the process of being instituted. The sources observed that Saudi Arabia, which has also signed the convention against narcotics, is in the process of signing the convention against financing terrorism, and that the UAE is expected to follow suit shortly. They, however, pointed out that money laundering and financing terrorism need not be related, and that anecdotal evidence suggests terrorism itself is more often than not financed directly by 'clean money.' Hence, they cautioned that bankers here must make a distinction between the two often disparate issues, each with differing modus operandi, the report said. WAM

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