UAE Keen To Provide Anti-Money Laundering Assistance

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

28 April 2004

Speaking at the Global Banking Strategy Summit recently held in Dubai, Abdulrahim Mohamed Al Awadi, assistant executive director in charge of the UAE Central Bank's Anti-Laundering and Suspicious Cases Unit announced that the UAE is willing to provide assistance to other countries looking to draft new anti-money laundering legislation and to create financial intelligence units.

He also reiterated the commitment of the United Arab Emirates to its own anti-money laundering and terrorist financing campaign, and suggested that the jurisdiction has shown leadership in the region.

"Being in the vanguard in the global fight against money laundering and financing terrorism, the UAE is keen to share its experience with regulators from other jurisdictions," Mr Al Awadi told delegates, according to the Khaleej Times Online.

Outlining initiatives put in place by the authorities in the United Arab Emirates, he revealed that:

"The Central Bank of the UAE has set a ceiling of Dh40,000 for the amount that may be brought into the country in cash or equivalent without the need for declaration. A regulation has also been issued exclusively to money-changers to ensure that all outward remittances of Dh2,000 and above are duly documented with proper identification of customers."

The Central Bank official additionally revealed that under new rules issued by the Securities and Commodities Authority of the UAE, the settlement of transactions amounting to more than Dh40,000 is required to be properly documented, and the identity of the investor verified.

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