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UAE to take tough stance against money laundering

posted on 02/05/2004: 1380 views


The UAE is unequivocally supporting international schemes to deal a deadly blow to money-laundering activities especially those channelled to support terrorism, said Abul Raheem Al Awaadi, the senior official in charge of the money-laundering unit in the UAE Central Bank, referring to the four-day 'Channels Banking Forum' that will discuss banking strategies against laundering, hosted by Dubai.



He called upon banks to adopt effective procedures of controlling their customers' accounts, so as to avoid unexpected financial quagmires, or even the collapse of their systems. He affirmed that the UAE was adamant in extending support to other countries by formulating the necessary legal and security procedures to address the money-laundering problem. (The Khaleej Times)

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