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INTERNATIONAL ISSUES - MONEY LAUNDERING

Suwaidi calls for international co-operation against money laundering

Posted on 22/09/2003

Money laundering is a "world-wide problem" and "defeating these criminals requires a united approach from every element of the international community, the UAE's Central Bank Governor said yesterday. Western Governments and international organizations also needed to improve the flow of Western governments and international organizations also needed to improve the flow of information to smaller states and tougher action had to be taken to deal with drug dealers and takers in the West, the ...  >>MORE

UAE offers help to developing markets countries in fighting money laundering

Posted on 22/09/2003

The UAE Central Bank yesterday offered to help developing market countries set up the legal, regulatory and policing structures necessary to maintain the international fight against money laundering and terrorism financing. "We are ready to share our expertise with countries which have less experience in dealing with these matters than we have. Our legislation and regulatory procedures meet the highest international standards," said Abdulrahim Mohamed Al Awadi, assistant executive director and ...  >>MORE

Anti-money laundering law in final stage

Posted on 01/10/2002

The UAE has completed drafting implementation details of its anti-money laundering law which gives the Central Bank a free hand in fighting such a crime including powers to freeze the assets of any suspected institution or individual for seven days. The details of the law, which was ratified by President His Highness Sheikh Zayed bin Sultan Al Nahyan early this year, were released by the Central Bank and the Ministry of Finance and Industry this week and it includes 41 articles covering Central ...  >>MORE

Suwaidi says fight dirty money from source

Posted on 09/09/2002

UAE Central Bank Governor Sultan Al Suwaidi stressed that GCC countries were committed to fighting money laundering and were exerting intensive efforts to fight this international phenomenon. In statements in Manama, Suwaidi said: "Fighting money laundering must start from the source countries which export such dirty money. GCC countries, although do not have sources of such money, have the laws and legislation required for fighting such operations and putting an end to them. They are also ...  >>MORE

Arab banks urged to set up advanced systems to monitor money laundering

Posted on 26/08/2002

Arab banks and financial institutions should seek professional help to fight money- laundering by setting up advanced systems to protect themselves," said Geoff Land, Regional Manager, Eastern Networks. Speaking at a joint presentation by Eastern Networks and S.I.D.E International in Dubai recently, Land said: The tools offered by S.I.D.E. are now universally recognized in this field. S.I.D.E.'s many advantages include wide access to SWIFT message data via Web interface, an online filter ...  >>MORE

Landmark ruling on freezing accounts

Posted on 18/07/2002

The Dubai Court of Cassation has issued a landmark ruling stating that instructions from the Central Bank to freeze the accounts of a client at a local bank are not enough, if the subject bank does not seek action from the proper legal body to implement the freeze, "Gulf News" reported today. The ruling is based on a lawsuit submitted to the Dubai Court of First Instance by a client against his bank, seeking Dh120 million in damages for alleged material and moral injuries, as well as 12 per ...  >>MORE

UAE free of organised suspect cash activities

Posted on 10/05/2002

The UAE had detected minor money laundering operations but it is free of organised suspect cash activities as a result of direct surveillance by monetary authorities and co-operation by financial institutions, a judicial official said yesterday. Abdul Rahim Al Awadi, head of the Appeals Court in Abu Dhabi, said there had been laundering cases in UAE courts but no ruling has been taken on them. "You can say the UAE is almost 100 per cent clean...there have been some minor cases involving such ...  >>MORE

UAE efforts to combat money laundering win global praise

Posted on 07/02/2002

The UAE has been acknowledged as a leading example in the global fight against - among other things - money laundering. And, it is not by accident that a free economy such as the UAE could achieve a place among the leading nations of the world. Freedom encourages enterprise - fortunately more good, but also bad - and the Emirates has got the right balance in promoting what is beneficial and restricting and limiting what is harmful. Not many know, but the UAE's fight against money laundering ...  >>MORE

Financial watchdog lauds UAE's anti-money laundering measures

Posted on 06/02/2002

Abu Dhabi (WAM) The UAE has established a comprehensive anti-money laundering system, comprising law, regulations and procedures, and the country is in a very good position to co-operate in the internationally declared fight against money laundering. This was announced at the meeting of the Financial Action Task Force (FATF-GAFI) held in Hong Kong-China from January 28 to February 1. The meeting was attended by the National Committee for Anti-Money Laundering. The committee, which discussed the ...  >>MORE

Task force recognises UAE's anti-money laundering efforts

Posted on 05/02/2002

Recognising swift efforts taken by the UAE to fight money laundering, the global Financial Action Task Force (FATF), has assured that the UAE will not be classified in the list of Non-Co-operative Countries and Territories (NCCT) report. The UAE's National Committee for Anti-Money Laundering which attended the FATF meeting in Hong Kong last week was told that the UAE is not liable to classification, the Central Bank said yesterday. The UAE is in a very good position, which enables it to be ...  >>MORE

Catch the villains: paper

Posted on 26/01/2002

Abu Dhabi, Jan.26, 2002 (WAM) A UAE newspaper today editorially praised the new law issued by the country against money laundering. The Dubai-based English daily 'Gulf News' said, 'The UAE's new law against money laundering has attracted more attention than it might have done due to the close interest being paid to illegal payments following the terrorist attack on the Trade Centre in New York on September 11. In fact, the law was under discussion for a long time before the attack, since it was ...  >>MORE

Sheikh Zayed signs legislation to check money-laundering

Posted on 25/01/2002

President His Highness Sheikh Zayed Bin Sultan Al Nahyan on Wednesday signed a Federal law criminalising money-laundering in the country. The 25-article law will come into force from the day of its appearance in the official gazette. The law defines a money-laundering offence as any act involving transfer, conversion or deposit, or concealment and disguise of property derived from any of the offences stated in item (ii) of Article 2 of the law. The offences include narcotics and psychotropic ...  >>MORE

Banks asked to report deals above Dh40,000

Posted on 24/01/2002

Banks in the UAE are required to record details of those who transfer or receive Dh40,000 or above, according to the top UAE Central Bank official. Also, 13 suspected accounts have been frozen in various banks in the UAE and only one exchange house was ordered to close down, governor Sultan bin Nasser Al Suwaidi told "Gulf News”. Al Suwaidi said that some 50 UAE accounts were frozen in the U.S. since September 11. "Banks have been directed to record the details of transactions of Dh40,000 or ...  >>MORE

UAE Anti-money laundering law finalised

Posted on 24/01/2002

President His Highness Sheikh Zayed bin Sultan Al Nahyan signed a 25 article law outlawing money laundering in the country on 23 January, to take effect from the day of its publication in the official gazette. The Central Bank Governor Sultan bin Nasser Al Suwaidi said, 'the UAE is among the first countries in the world to have a law that deals exclusively with money laundering. This is in keeping with the country's position as a leading trade and banking centre in the region. This ...  >>MORE

UAE sets example, UAE daily

Posted on 24/01/2002

Abu Dhabi, Jan.24, 2002 (WAM) A major UAE English daily today said that the UAE was among the first countries in the world to have a special law to deal exclusively with money laundering offences. 'President H.H. Sheikh Zayed bin Sultan Al Nahyan has signed the federal law criminalising conversion, concealment and deposit of money derived from unlawful activities such as arms and drugs trafficking, ransom from kidnapping, corruption and terrorism,' commented the Sharjah-based 'The Gulf Today'. ...  >>MORE

UAE was among first countries to enact laws criminalizing money laundering: Suwaidi

Posted on 22/01/2002

The UAE was among the first countries to enact laws criminalizing money laundering and other illicit financial transactions, said Sultan bin Nasser Al Suwaidi, Governor of the UAE Central bank. 'Anti-money laundering articles were enshrined in the UAE penal code of 1987 and these penalties were further reinforced in 1993 when the central bank issued circular no 14, outlining a set of regulations on the basis of know-your-client first approach', Suwaidi told an 'economic crimes' conference which ...  >>MORE

UAE was among first countries to enact laws criminalising money laundering, Suwaidi

Posted on 21/01/2002

Sharjah, January 21, 2002 (WAM) The UAE was among the first countries to enact laws criminalising money laundering and other illicit financial transactions, said Sultan bin Nasser Al Suwaidi, Governor of the Central. 'Anti-money laundering articles were enshrined in the UAE penal code of 1987 and these penalties were further reinforced in 1993 when the Central bank issued circular No 14, outlining a set of regulations on the basis of know-your-client first approach', Suwaidi told an 'Economic ...  >>MORE

UAE to enforce money laundering law in January

Posted on 03/01/2002

Banks and money exchangers in the UAE must monitor their financial operations to ensure compliance with a tough new money laundering law, due to be enforced in January 2002. 'The Central Bank has completed all articles of the draft law and it will be ratified within two weeks', said Sultan bin Nasser Al Suwaidi, on 30 December. Bankers welcomed the move and said it would ensure clean fiscal activities in the UAE without obstructing the flow of funds and investments. The UAE has already ...  >>MORE

UAE to enforce money-laundering law in January

Posted on 31/12/2001

Banks and exchange shops in the UAE should scrutinise their financial operations more closely to ensure they comply with a stringent money laundering law that will be enforced in January. The Central Bank has completed all articles of the draft law and it will be ratified by the country's top authority within two weeks, Sultan bin Nasser Al Suwaidi, governor, was quoted yesterday as saying. Bankers welcomed the move and said it would ensure clean fiscal activities in the UAE without ...  >>MORE

UAE says could freeze more accounts if found related to terrorism-Al-Suweidi

Posted on 27/12/2001

The Governor of the UAE Central Bank, Sultan Nasir al-Suweidi, said that the action taken by the Central Bank in freezing accounts of organisations and individuals suspected to be linked to terrorism was not final and more accounts could be frozen if found to be of dubious nature. Speaking at a press conference held after the Federal National Council, FNC, approved the country's first Money Laundering Law, Al-Suweidi said that lists of individuals and organisations linked to terrorism were ...  >>MORE

FNC approves money-laundering law

Posted on 27/12/2001

The Federal National Council, FNC, has approved a draft law, which makes money laundering a punishable crime in the country. The draft law was approved during the Council's third sitting of the third plenary session of the 12th legislative chapter, held here last night and chaired by FNC Speaker Mohammed bin Khalifa Al Habtour. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, attended the session, while Sheikh Fahim bin Sultan al Qasimi, Minister of ...  >>MORE

UAE set to sign UN anti-terrorist financing pact

Posted on 23/12/2001

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 ...  >>MORE

Special Report: All-out effort needed to fight money-laundering menace

Posted on 22/12/2001

The UAE's much-talked about anti-money laundering law is only a step away before it comes into force by year-end or early next year, according to senior bankers. Notwithstanding the September 11 terrorist attacks in the U.S. and its wide ramifications, the anti-money laundering law has not come a day too soon. Indeed, the UAE Central Bank has, in recent years, been serious in its crackdown on money laundering: even before September 11, the UAE Central Bank governor minced no words in ...  >>MORE

Special Report: New bodies to deal with money laundering

Posted on 22/12/2001

In accordance with the anti-money laundering law, the UAE Central Bank will establish the Financial Information Unit (FIU) to deal with money laundering and suspicious cases, and to which reports of suspicious transactions shall be sent from all financial institutions and other financial, commercial and economic establishments. The committee shall determine the format for reporting suspicious transactions and methods of communicating reports to the said unit. "The said unit shall render ...  >>MORE

Special Report: What is money laundering

Posted on 22/12/2001

The UAE's anti-money laundering law defines money laundering as any act, involving transfer, conversion or deposit of property, or concealment or disguise of their true nature, knowing that such property is derived from any of the following offences: a) Narcotics and psychotropic substances b) Kidnapping, piracy and terrorism c) Offences committed in violation of the environment law d) Illicit dealing in fire arms and ammunition e) Bribery, embezzlement and damage to public ...  >>MORE

UAE set to sign UN anti-terrorist financing pact

Posted on 22/12/2001

The UAE is set to sign the United Nation's International Convention for Suppression of Financing Terrorism, instituted in December 1999, knowledgeable sources said. 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. They explained that the moves come as part of the overall fight against money laundering, with the UAE Anti-Money Laundering Law ...  >>MORE

UAE increases anti-money laundering drive

Posted on 13/12/2001

The UAE issued a new warning to the public not to transfer or accept suspect funds, as part of its continued drive to combat money laundering on 6 December. The Central Bank has invited the country's 47 banks to two separate seminars in Abu Dhabi and Dubai next week to inform them of the anti-money laundering measures and the importance of full co-operation with the authorities. In a full-page notice published in Arabic language newspapers on 6 December, the National Committee for Combating ...  >>MORE

Suweidi says no money laundering in UAE

Posted on 28/10/2001

(WAM) Governor of the UAE Central Bank Sultan bin Nasir al Suweidi today said that there was no money laundering operations in the UAE. In a lecture he delivered at the Zayed Centre for Co-ordination and Follow Up under the title 'UAE Monetary Policy and Economy', Al Suweidi said that money laundering needed a big market and the UAE was not a big market and that money generated from drugs was almost non-existent. He added that other crimes such as robbery and piracy which were considered as ...  >>MORE

UAE banking system under distorted media campaign: Al Suweidi

Posted on 24/10/2001

The UAE Central Bank Governor has said that the banking system in the country is dealing with the recent world event and its financial aspect with total transparency and objectivity. "We are publishing every detail that we have in this regard,” Sultan bin Nasir Al Suweidi said at a press conference he held here today. He pointed out that the banking system of the UAE and other sister Gulf countries were facing a "distorted media campaign”, aimed at tarnishing the good image of the banking ...  >>MORE

Kharbash says DIB has no terrorist funds

Posted on 18/10/2001

(WAM) A top Dubai Islamic Bank (DIB) official yesterday asserted that the bank does not have any accounts connected to any of the terrorism suspects named in the U.S. treasury list, 'Gulf News' reported today. 'To reconfirm the fact, the bank is checking out all facts behind charges made in a section of the Western media regarding accounts connected to alleged terrorists,' Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs and chairman of the bank, said ...  >>MORE

UAE approves money-laundering law

Posted on 09/10/2001

The Cabinet (Council of Ministers) of the United Arab Emirates has approved a law to tackle the issue of money laundering. The text of the law was approved by the Cabinet yesterday (8th October), and the law will go into effect shortly, following completion of the requisite ratification procedures. Preparation of the law commenced some time ago, in view of the fact that other major financial centres have already introduced such legislation, while its implementation will assist in the ...  >>MORE

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Quick List

Suwaidi calls for international co-operation against money laundering


UAE offers help to developing markets countries in fighting money laundering


Anti-money laundering law in final stage


Suwaidi says fight dirty money from source


Arab banks urged to set up advanced systems to monitor money laundering


Landmark ruling on freezing accounts


UAE free of organised suspect cash activities


UAE efforts to combat money laundering win global praise


Financial watchdog lauds UAE's anti-money laundering measures


Task force recognises UAE's anti-money laundering efforts


Catch the villains: paper


Sheikh Zayed signs legislation to check money-laundering


Banks asked to report deals above Dh40,000


UAE Anti-money laundering law finalised


UAE sets example, UAE daily


UAE was among first countries to enact laws criminalizing money laundering: Suwaidi


UAE was among first countries to enact laws criminalising money laundering, Suwaidi


UAE to enforce money laundering law in January


UAE to enforce money-laundering law in January


UAE says could freeze more accounts if found related to terrorism-Al-Suweidi


FNC approves money-laundering law


UAE set to sign UN anti-terrorist financing pact


Special Report: All-out effort needed to fight money-laundering menace


Special Report: New bodies to deal with money laundering


Special Report: What is money laundering


UAE set to sign UN anti-terrorist financing pact


UAE increases anti-money laundering drive


Suweidi says no money laundering in UAE


UAE banking system under distorted media campaign: Al Suweidi


Kharbash says DIB has no terrorist funds


UAE approves money-laundering law