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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