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UAE to tighten disclosure law

posted on 30/05/2013: 3905 views

The Abu Dhabi Finance Public Prosecution has submitted proposals to the National Anti-Money Laundering Committee to amend some articles to add more teeth to Federal Law No 4 of 2004.

Hassan Al Hammadi, Chairman of the Finance Public Prosecution in Abu Dhabi, said the present law covered disclosure of funds entering the country but not outgoing funds or metals, jewellery and precious stones. However, the Central Bank had already instructed banks, exchange houses and exit points to get as much disclosure on outgoing monetary flows

Al Hammadi said there should be a legislative frame issued by a competent authority to cover the activity

Addressing the first monthly media forum organised by the Abu Dhabi Judicial Department here on Wednesday, Al Hammadi revealed that non-disclosure cases directed to the Public Prosecution last year stood at 18, of which 11 were money laundering, and seven cases in which sources of the money were not disclosed

Regarding the disclosure system, Al Hammadi said funds of more than Dh100,000 entering the country should be disclosed. He asked the public to disclose voluntarily if the fund they were bringing in was more than Dh100,000 and their possessions included gold and jewellery. If not, he said, they would be liable by law to make disclosures. – Khaleej Times


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