The Financial Crimes Enforcement Network of the US Department of the Treasury (FinCen) and the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) of the Central Bank of the UAE this week co-hosted a seminar for delegates from Southern Asia on the establishment of Financial Intelligence Units (FIUs) as an essential element of the international fight against money laundering.
According to a Khaleej Times report, issues under discussion included mechanisms for international cooperation, the provision of mutual legal assistance, regulatory issues, the application of international instruments, and the analysis of financial intelligence.
Speaking following the seminar, FinCen regional specialist, Lisa Holtyn praised the anti-money laundering progress already made by the five Asian countries represented by the delegates, but suggested that more needs to be done in order to plug the legislative and regulatory gaps.
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