UAE Fully Cooperative In Money Laundering Fight

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

17 June 2004

Speaking at a recent seminar on the subject, UAE Central Bank official, Abdulrahim Mohamed Al Awadi revealed that the United Arab Emirates have so far accorded full cooperation in anti-money laundering investigations conducted by the United States, Germany, the UK, Portugal, Turkey, and the United Nations.

Mr Al Awadi, who is the assistant executive director in charge of the Central Bank's Anti-Money Laundering & Suspicious Case Unit (AMLSCU), told delegates that:

"The UAE has extended full support and cooperation both to the UN and US authorities in the efforts to track down the accounts of terrorists and those who assist them, and continues to do so."

According to reports in the regional media, he went on to add that the bank accounts of certain organisations and individuals had been frozen in line with UN guidelines, adding that:

"Reports have been compiled and forwarded to the UN, as the UAE strongly supports international cooperation, enhanced mutual understanding and effective measures for tracking terrorist financing and money laundering."

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