The UAE's stock market regulator has stepped up the region's campaign against money laundering and terrorist financing, it emerged this week.
In a recent circular sent to the Abu Dhabi and Dubai stock exchanges, and to 25 stockbroking firms in the United Arab Emirates, the UAE Securities and Commodities Authority announced that:
"You are requested to verify all information and documents when accepting cash or opening accounts for clients."
Speaking to Gulf News this week with regard to the more stringent rules, an UAE-based broker explained that:
"You can say it is an official umbrella. Before, we did not have written instruction concerning money laundering."
He continued:
"Most of us had refused to accept big amounts of cash before because we wanted to make sure the money is clean and legal. But now the process is more organised and clear as we have official instructions in this respect."
"You can say that we are now part of the campaign launched by the UAE against money laundering."
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