Islamic financiers at a recent conference have been urged by the governor of the UAE Central Bank to improve their anti-money laundering efforts in order to dispel Western misconceptions regarding the 'risky' nature of the industry from the point of view of preventing terrorist financing.
According to a Reuters report, Sultan bin Nasser al-Suwedi told delegates that:
"Islamic banking and financial institutions must try to do more in terms of anti-money laundering and internal controls as they are seen as the weak link in the West."
Speaking to Reuters on the sidelines of the conference, Suweidi explained that in the majority of cases standards are the same in Islamic financial institutions as in their Western counterparts, but observed that:
"Islamic finance is a young industry, and with all young industries there is room for improvement."
In addition to misconceptions regarding anti-money laundering standards in Islamic institutions, the heavy reliance of the industry on cash transactions and on trust within the business communities of Muslim countries have been key areas of concern for Western regulators and institutions.
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