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Natural history of the UAE,
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INTERNATIONAL ISSUES - MONEY LAUNDERING
![]() Anti money laundering measures in insurance activities issued
Posted on 08/11/2009
The instructions and measures to deal with the anti money laundering crimes in the insurance activities, have been issued by UAE Economy Minister and Board Chairman of the government National Insurance Authority HE Engineer Sultan Al Mansouri.
HE Fatima Mohammed Ishaq Al Awadhi, deputy director general of the authority, said the issuance of the instructions comes with keenness of the authority, which was set up as per the federal law number six of year 2007, to cooperate and coordinate with
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 UAE to join hands with 82 nations to fight dirty funds
Posted on 07/09/2009
The UAE said yesterday it will sign new anti-money laundering agreements with 82 countries as part of an intensified strategy to combat dirty funds. The National Anti-Money Laundering Committee (NAMLC) discussed the plans at a meeting that also covered recent cases of currency fraud and other issues.
The Central Bank, which organised the meeting in Dubai, said the committee heard that a memorandum of understanding (MoU) had so far been signed between the anti-money laundering unit and 21
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 Banks join global money laundering battle
Posted on 30/08/2009
Banks in the UAE have until Sunday to disclose details of accounts held by foreign officials and politicians as the Central Bank tightens regulations on money laundering. The move, which brings the UAE into line with standards in other international financial centres, follows recent high-profile cases involving alleged fraud in the region and internationally.
International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering.
Claims by the
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![]() UAE and Montenegro sign anti-money laundering MoU
Posted on 07/07/2009
The UAE and Montenegro signed yesterday a Memorandum of Understanding (MoU) for joint cooperation in combating money laundering and terrorist financing.
The memo was signed following a meeting held by HE Sultan Nasser Al Suweidi, Governor of the UAE Central Bank and Chairman of the National Anti-money Laundering Committee, with a visiting delegation from Montenegro led by Predrag Mitrovic, Director of the Administration for the Prevention of Money Laundering.
Abdulrahim Mohamed Al Awadi,
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![]() Central Bank's Board of Directors discusses strategy to counter money laundering
Posted on 01/09/2008
The first meeting of the Board of Directors of the UAE Central Bank in the current year discussed its strategy and mechanism to combat money laundering and suspicious transactions. The Board was set up as per the Federal Decree No. 56 (Year 2008) issued on 13th of July this year.
A statement issued by the Central bank said that the meeting of the Board of Directors held recently was presided over by the Chairman of the Board HE Khalil Mohammed Sherif Foulathi, and discussed a number of topics
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![]() UAE stands ready to back international anti-money laundering effort
Posted on 13/12/2007
The UAE will back international efforts aimed at raising awareness standard about risks posed by money laundering and financing terrorism, a senior UAE banker affirmed on Wednesday.
'In particular, the UAE will encourage the dialogue between the United States and Middle East and North Africa on anti-money laundering and combating financing terrorism (AML-CFT).The UAE believes that a true public-private partnership is the best way to arrive at a full-proof mechanisms and regulations to combat
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![]() UAE freezes suspected terror funds
Posted on 09/10/2007
The UAE said yesterday it had frozen 17 bank accounts totalling $1.3 million because of suspected links to terrorism financing. "Some accounts have been frozen in line with UN resolutions,” said Abdulrahim Al Awadi, head of the anti-money laundering unit at the UAE central bank. "They have been referred to a special committee at the United Nations,” he said in Abu Dhabi. Since 2003, the UAE has also required informal money transfer outlets, known as hawala brokers, to register with the central
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 National Anti-Money laundering Committee ends European tour
Posted on 22/07/2007
The National Anti-Money Laundering Committee, ended its tour of Europe yesterday after holding a meeting in London with British officials. The tour, which aimed at sharing experience and expertise on the best way to combat money laundering and terror finance, took the delegation to Madrid, Lisbon, Paris before rounding it off with the London visit.
The committee, led by its chairman, Sultan bin Nasir Al Suwaidi, Central Bank Governor, met with a number of British senior officials, including
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 UAE, Spain discuss anti-money laundering cooperation
Posted on 13/07/2007
The National Anti-Money Laundering Committee, headed by its chairman, Sultan bin Nasir Al Suwaidi, Central Bank Governor, met with a number of Spanish officials, including Spain's Central Bank Governor, minister of state for trade and tourism affairs officials of the Financial Information Unit, the Spanish justice ministry, the interior ministry, the Treasury ministry and representatives of three major Spanish banks.
During the meetings which were held in the presence of UAE Ambassador to
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 Money Laundering Committee visits Italy
Posted on 11/07/2007
The delegation of the national committee for anti-money laundering headed by Sultan Nasser Al Suwaidi, Governor of UAE Central Bank is visiting Italy as part of wide visit to European countries . The delegation met today with the Deputy Governor of the Italian Central Bank and other officials from the Ministries of Finance and Economy. In a press release yesterday ,the Central Bank told that the meeting had stressed on coordination with Italian related authorities through signing agreements to
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 UAE Anti-Money Laundering Committee leaves for Europe tour
Posted on 09/07/2007
A delegation from the UAE Anti-Money Laundering Committee, headed by its chairman, Sultan bin Nasser Al Suwaidi, who is also the UAE Central Bank Governor, left Abu Dhabi yesterday to Rome at the beginning of a tour of Europe which will also take them to Spain, Portugal, France and Britain.
A statement issued today by the Central Bank said the tour was part of the interaction and sharing of experience on the combating of money laundering and terror finance, adding that it also seeks to provide
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 No Hawala operators involved in money laundering case
Posted on 04/03/2007
The Central Bank Governor Sultan Nasser Al Suwaidi said yesterday that no Hawala operators were involved in the money laundering racket, recently arrested by Dubai Police. "The arrested gang members are not licensed Hawala operators," Al Suweidi said in a press conference in Abu Dhabi yesterday.
He declined to give details about the amounts in question or whether any one from the banking sector is involved in the case, saying that investigations were still on.
Last week, Dubaii Police
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 UAE Central Bank freezes hawala operators' accounts
Posted on 26/02/2007
The UAE Central Bank has issued a notice to all banks and money exchange houses instructing them to freeze accounts of hawala operators and those involved in money laundering, a statement said. The move comes as Dubai Police launched a major crackdown on hawala operators last week resulting in a number of arrests in downtown Dubai, officials said.
"The UAE Central Bank, in view of the reports received from Dubai Police General Headquarters, issued a notice to all banks and moneychangers,
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![]() UAE-UK sing Anti-Money Laundering MoU
Posted on 21/03/2006
The UAE and the UK have signed a memorandum of understanding intended to enhance exchange of financial information related to money laundering and terrorist financing. The MoU was signed yesterday at the UAE Central Bank between Anti-Money Laundering and Suspicious Cases Unit at the Central Bank, and the UK's Serious Organised Crime Agency.
The MoU provides for mutual cooperation regarding financial information related to money laundering and terrorist financing. It was signed in the
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 UAE-UK Money Laundering seminar wraps up
Posted on 20/03/2006
The UAE and the UK have voiced their resolve to cooperate in combating money-related crimes. At a two-day seminar that wound up at the Central Bank in Abu Dhabi yesterday, UAE and British officials expressed determination to "build up a systematic framework for cooperation in curbing money laundering, terrorism financing, and other money-related crimes." Mechanisms for upgrading the existing systems based on both countries' accumulated experience were also discussed.
Interrogation methods
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