The Ministry of Economy and Commerce in the United Arab Emirates announced this week that is extending anti-money laundering rules to cover auditing firms in the region, pending approval from the Central Bank.
The new regulations will require local and foreign auditors working in the UAE to report any suspicious operations or transactions, and the Economy Ministry has announced that it will begin implementing them in the near future:
'Once the Central Bank approves the letter we sent, we will prepare special forms for the auditing companies so they can report all suspected final operations,' a ministry source told the Gulf News on Tuesday.
The United Arab Emirates, in common with most other countries throughout the world, has greatly strengthened its anti-money laundering procedures in the wake of the September 11 terrorist attacks. The Central Bank recently announced that visitors to the region would be obliged to declare amounts above Dh40,000 ($10,900) brought into the country.
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