Anti-Money Laundering Policies Discussed At UAE Conference
Efforts to combat money laundering in the United Arab Emirates were discussed
at the second annual conference of the UAE National Anti-Money Laundering Committee,
which got underway in Al Anain last week.
The conference, chaired by the governor of the Central Bank of the UAE, Sultan
bin Nasser Al Suwaidi, examined general issues of money laundering, including
the mechanism used to collect information, in addition to international and
regional cooperation in the reporting of suspicious transactions. "Considering the global nature of the problem, and its great impact on
the society and stability and transparency of financial systems, the UAE continued
its efforts to improve anti-money laundering procedure and establish effective
controls," noted Al Suwaidi. He added that the UAE, as a major banking hub, was one of the most cooperative
countries with regard to implementing anti-money laundering policies. “The subject of the conference is particularly relevant and consistent
with the international anti-money laundering standards, as embodied in FATF
recommendation for combating money laundering," observed Al Suwaidi. The conference also heard papers from the UK’s HM Customs & Excise,
and the Federal Customs Authority of the UAE. .
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