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INTERNATIONAL ISSUES - MONEY LAUNDERING

UAE Anti Money Laundering and Suspicious Cases Unit signs cooperation MoU with Egyptian counterpart

Posted on 26/01/2017

The Anti-Money Laundering and Suspicious Cases Unit, AMLSCU, of the UAE and Egyptian Money Laundering and Terrorist Financing Combating Unit, EMLCU, have signed a Memorandum of Understanding, MoU, on mutual cooperation. Abdulrahim Mohammed Al Awadhi, Executive Director of AMLSCU, and Ahmad Said Khalil, Chairman of the EMLCU, signed the MoU during a meeting at the Central Bank premises in Abu Dhabi. The two sides discussed matters of mutual interest. Wael Gad, Ambassador of Egypt to the UAE, ...  >>MORE

NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering

Posted on 16/06/2013

The National Anti-Money Laundering Committee (NAMLC) held its 2nd meeting for the year 2013 at Head Office of the Central Bank in Abu Dhabi, under the Chairmanship of Sultan bin Nasser Al Suwaidi, Governor of the Central Bank, Chairman of the NAMLC. The meeting, which was attended by the members of the Committee, reviewed a report regarding the 17th MENAFATF Plenary Meeting, 16th Technical Assistance '&' Typologies Working Group Meeting, 20th Mutual Evaluation Working Group Meeting and 7th ...  >>MORE

UAE to tighten disclosure law

Posted on 30/05/2013

The Abu Dhabi Finance Public Prosecution has submitted proposals to the National Anti-Money Laundering Committee to amend some articles to add more teeth to Federal Law No 4 of 2004. Hassan Al Hammadi, Chairman of the Finance Public Prosecution in Abu Dhabi, said the present law covered disclosure of funds entering the country but not outgoing funds or metals, jewellery and precious stones. However, the Central Bank had already instructed banks, exchange houses and exit points to get as much ...  >>MORE

National Anti-Money Laundering Committee holds first meet for 2013

Posted on 21/03/2013

The National Anti-Money Laundering Committee (NAMLC) held its 3rd meeting for the year 2012 on Thursday 20/09/2012, at Head Office of the Central Bank in Abu Dhabi, under the Chairmanship of Sultan bin Nasser Al Suwaidi, Governor of Central Bank, Chairman of the NAMLC, which was attended by the representatives of Ministry of Interior, Abu Dhabi Police General Headquarters, Dubai Police General Headquarters State Security Authority, General Directorate of State Security in Dubai, Ministry of ...  >>MORE

UAE steps up fight vs. money-laundering

Posted on 15/07/2012

A delegation consisting of officials from the UAE Central Bank and the Anti-Money Laundering and Suspicious Cases Unit, or AMLSCU, made a successful participation in the 20th Egmont Group plenary session, as well as its working groups meetings and other events held in St Petersburg in Russia. The delegation was sent as per the directives of Sultan bin Nasser Al Suwaidi, UAE Central Bank Governor and Chairman of the National Anti-Money Laundering Committee, and was headed by Abdulrahim Mohamed ...  >>MORE

UAE busts money laundering network

Posted on 26/12/2011

The State Security has foiled a major money laundering crime to smuggle 94,410 kilograms of gold and millions of funds into the country. The gang were planning to channel the gold into the banking system and then transfer it to a number of Arab and foreign countries but the full-proof inspection measures adopted by the Ministry of Interior at land and air ports had aborted the smuggling attempt and apprehended members of the network. The ring planned to smuggle the gold and money through oil ...  >>MORE

UAE, US law enforcement agencies meet to discuss trans-border money laundering

Posted on 10/02/2011

A group of UAE judges, prosecutors, officers, customs inspectors, and money laundering experts along with representatives from the US Department of Justice gathered here yesterday at the Emirates Palace for a two-day conference to explore best, fool-proof mechanisms to combat smuggling of money through national boundaries. Addressing the inaugural sitting, Mohammed Ahmed Al Badi, UAE Justice Ministry Undersecretary, said the conference aims at presenting evidence-based cases for combating ...  >>MORE

Anti money laundering measures in insurance activities issued

Posted on 08/11/2009

The instructions and measures to deal with the anti money laundering crimes in the insurance activities, have been issued by UAE Economy Minister and Board Chairman of the government National Insurance Authority HE Engineer Sultan Al Mansouri. HE Fatima Mohammed Ishaq Al Awadhi, deputy director general of the authority, said the issuance of the instructions comes with keenness of the authority, which was set up as per the federal law number six of year 2007, to cooperate and coordinate with ...  >>MORE

UAE to join hands with 82 nations to fight dirty funds

Posted on 07/09/2009

The UAE said yesterday it will sign new anti-money laundering agreements with 82 countries as part of an intensified strategy to combat dirty funds. The National Anti-Money Laundering Committee (NAMLC) discussed the plans at a meeting that also covered recent cases of currency fraud and other issues. The Central Bank, which organised the meeting in Dubai, said the committee heard that a memorandum of understanding (MoU) had so far been signed between the anti-money laundering unit and 21 ...  >>MORE

Banks join global money laundering battle

Posted on 30/08/2009

Banks in the UAE have until Sunday to disclose details of accounts held by foreign officials and politicians as the Central Bank tightens regulations on money laundering. The move, which brings the UAE into line with standards in other international financial centres, follows recent high-profile cases involving alleged fraud in the region and internationally. International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering. Claims by the ...  >>MORE

UAE and Montenegro sign anti-money laundering MoU

Posted on 07/07/2009

The UAE and Montenegro signed yesterday a Memorandum of Understanding (MoU) for joint cooperation in combating money laundering and terrorist financing. The memo was signed following a meeting held by HE Sultan Nasser Al Suweidi, Governor of the UAE Central Bank and Chairman of the National Anti-money Laundering Committee, with a visiting delegation from Montenegro led by Predrag Mitrovic, Director of the Administration for the Prevention of Money Laundering. Abdulrahim Mohamed Al Awadi, ...  >>MORE

Central Bank's Board of Directors discusses strategy to counter money laundering

Posted on 01/09/2008

The first meeting of the Board of Directors of the UAE Central Bank in the current year discussed its strategy and mechanism to combat money laundering and suspicious transactions. The Board was set up as per the Federal Decree No. 56 (Year 2008) issued on 13th of July this year. A statement issued by the Central bank said that the meeting of the Board of Directors held recently was presided over by the Chairman of the Board HE Khalil Mohammed Sherif Foulathi, and discussed a number of topics ...  >>MORE

UAE stands ready to back international anti-money laundering effort

Posted on 13/12/2007

The UAE will back international efforts aimed at raising awareness standard about risks posed by money laundering and financing terrorism, a senior UAE banker affirmed on Wednesday. 'In particular, the UAE will encourage the dialogue between the United States and Middle East and North Africa on anti-money laundering and combating financing terrorism (AML-CFT).The UAE believes that a true public-private partnership is the best way to arrive at a full-proof mechanisms and regulations to combat ...  >>MORE

UAE freezes suspected terror funds

Posted on 09/10/2007

The UAE said yesterday it had frozen 17 bank accounts totalling $1.3 million because of suspected links to terrorism financing. "Some accounts have been frozen in line with UN resolutions,” said Abdulrahim Al Awadi, head of the anti-money laundering unit at the UAE central bank. "They have been referred to a special committee at the United Nations,” he said in Abu Dhabi. Since 2003, the UAE has also required informal money transfer outlets, known as hawala brokers, to register with the central ...  >>MORE

National Anti-Money laundering Committee ends European tour

Posted on 22/07/2007

The National Anti-Money Laundering Committee, ended its tour of Europe yesterday after holding a meeting in London with British officials. The tour, which aimed at sharing experience and expertise on the best way to combat money laundering and terror finance, took the delegation to Madrid, Lisbon, Paris before rounding it off with the London visit. The committee, led by its chairman, Sultan bin Nasir Al Suwaidi, Central Bank Governor, met with a number of British senior officials, including ...  >>MORE

UAE, Spain discuss anti-money laundering cooperation

Posted on 13/07/2007

The National Anti-Money Laundering Committee, headed by its chairman, Sultan bin Nasir Al Suwaidi, Central Bank Governor, met with a number of Spanish officials, including Spain's Central Bank Governor, minister of state for trade and tourism affairs officials of the Financial Information Unit, the Spanish justice ministry, the interior ministry, the Treasury ministry and representatives of three major Spanish banks. During the meetings which were held in the presence of UAE Ambassador to ...  >>MORE

Money Laundering Committee visits Italy

Posted on 11/07/2007

The delegation of the national committee for anti-money laundering headed by Sultan Nasser Al Suwaidi, Governor of UAE Central Bank is visiting Italy as part of wide visit to European countries . The delegation met today with the Deputy Governor of the Italian Central Bank and other officials from the Ministries of Finance and Economy. In a press release yesterday ,the Central Bank told that the meeting had stressed on coordination with Italian related authorities through signing agreements to ...  >>MORE

UAE Anti-Money Laundering Committee leaves for Europe tour

Posted on 09/07/2007

A delegation from the UAE Anti-Money Laundering Committee, headed by its chairman, Sultan bin Nasser Al Suwaidi, who is also the UAE Central Bank Governor, left Abu Dhabi yesterday to Rome at the beginning of a tour of Europe which will also take them to Spain, Portugal, France and Britain. A statement issued today by the Central Bank said the tour was part of the interaction and sharing of experience on the combating of money laundering and terror finance, adding that it also seeks to provide ...  >>MORE

No Hawala operators involved in money laundering case

Posted on 04/03/2007

The Central Bank Governor Sultan Nasser Al Suwaidi said yesterday that no Hawala operators were involved in the money laundering racket, recently arrested by Dubai Police. "The arrested gang members are not licensed Hawala operators," Al Suweidi said in a press conference in Abu Dhabi yesterday. He declined to give details about the amounts in question or whether any one from the banking sector is involved in the case, saying that investigations were still on. Last week, Dubaii Police ...  >>MORE

UAE Central Bank freezes hawala operators' accounts

Posted on 26/02/2007

The UAE Central Bank has issued a notice to all banks and money exchange houses instructing them to freeze accounts of hawala operators and those involved in money laundering, a statement said. The move comes as Dubai Police launched a major crackdown on hawala operators last week resulting in a number of arrests in downtown Dubai, officials said. "The UAE Central Bank, in view of the reports received from Dubai Police General Headquarters, issued a notice to all banks and moneychangers, ...  >>MORE

UAE-UK sing Anti-Money Laundering MoU

Posted on 21/03/2006

The UAE and the UK have signed a memorandum of understanding intended to enhance exchange of financial information related to money laundering and terrorist financing. The MoU was signed yesterday at the UAE Central Bank between Anti-Money Laundering and Suspicious Cases Unit at the Central Bank, and the UK's Serious Organised Crime Agency. The MoU provides for mutual cooperation regarding financial information related to money laundering and terrorist financing. It was signed in the ...  >>MORE

UAE-UK Money Laundering seminar wraps up

Posted on 20/03/2006

The UAE and the UK have voiced their resolve to cooperate in combating money-related crimes. At a two-day seminar that wound up at the Central Bank in Abu Dhabi yesterday, UAE and British officials expressed determination to "build up a systematic framework for cooperation in curbing money laundering, terrorism financing, and other money-related crimes." Mechanisms for upgrading the existing systems based on both countries' accumulated experience were also discussed. Interrogation methods ...  >>MORE

UAE committed to update money laundering legislations: Al Suwaidi

Posted on 19/03/2006

Central Bank Governor has voiced a strong commitment by the UAE to update its legislations and practical measures to combat money laundering, terrorism financing, and monetary crimes. Governor Sultan Nasser Al Suwaidi also said the UAE was determined to cooperate in this regard with friendly countries and the international community. Al Suwaidi made these remarks when he opened yesterday a UAE-UK joint seminar on money laundering. "This seminar reflects the determination of the United ...  >>MORE

British Ambassador lauds UAE money laundering measures

Posted on 19/03/2006

UK Ambassador Richard Makepeace has praised the UAE legislative and practical measures to combat money laundering and monetary crimes. The Ambassador said the UAE existing laws on money were effective in tackling the problems of money laundering and monetary crimes. "The existence of these laws reflect the high importance the UAE attaches to the issues of money laundering, terrorism and the various monetary crimes", he told WAM on the sidelines of a seminar organised today at the Central ...  >>MORE

UAE and Canada plan action against money laundering

Posted on 21/09/2005

The UAE and Canada may join forces to curb money laundering after senior financial experts from both countries met recently in Ottawa, a Canadian minister said. The UAE delegation, headed by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank and Chairman of the National Anti-Money Laundering Committee, met Canadian Central Bank and Fintrack officials. "The Governor said he had excellent discussions and (the UAE) is looking at means of further cooperation in the future," James ...  >>MORE

UAE renews commitment to combat all forms of crimes

Posted on 20/04/2005

The UAE yesterday reiterated its commitment to combating all forms of crimes and pledged to fully implement relevant international conventions. Addressing the 11th Conference of the United Nations for Crime Prevention and Criminal Justice, Abdul Rahim Yousif Al Awadi , Undersecretary of the Ministry of Justice, Islamic Affairs , said that the UAE had gone a long way in implementing international conventions to which it is a signatory. "The UAE has issued stringent legislation criminalizing ...  >>MORE

UAE freezes suspicious accounts

Posted on 07/03/2005

The UAE has frozen 17 suspicious bank accounts totalling Dh4.95 million and reiterated its fight against terrorism and terrorist financing, the Central Bank said yesterday. "The total number of suspicious transactions and cases received by the Central Bank's Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) so far has been 2,384. "The total amount frozen as of date stands at US$1.348 million (Dh4.952 million) representing the balances in 17 accounts," Abdul Rahim Mohammad Al Awadi, ...  >>MORE

UAE determined to fight money laundering

Posted on 03/02/2005

The United Arab Emirates will stand firm against any dubious transactions, said Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank and Chairman of the Anti-Money Laundering National committee. "The United Arab Emirates is very keen on blocking all roads in the face of money laundering, dubious transactions and illegal Hawala system," Al Suweidi said during a reception held here last night to give away certificates to 30 persons from the financial and banking sectors in the GCC ...  >>MORE

Arab states launch money laundering & terror financing action task force

Posted on 02/12/2004

Arab states agreed yesterday to work together to try to keep money out of the hands of terrorists. Yesterday's creation of the 14-member Middle East-North Africa Financial Action Task Force was hailed by the US Treasury Department official responsible for fighting terrorist financing, Juan Carlos Zarate, who attended the inaugural meeting in Bahrain, according to a "Khaleej Times” report from Manama. The task force was "a testament to the fact that Gulf countries and countries in the region ...  >>MORE

UAE backs global anti-money laundering campaign

Posted on 14/06/2004

The UAE yesterday reiterated its full cooperation and support for global anti-money laundering campaign as per regional and international agreements and conventions. 'The UAE Central Bank doesn't open secret accounts and gives firm orders to banks and financial institutions not to do so,' said Abdul Rahim Al Awadi, Executive Director of the Anti-Money Laundering and Suspicious Cases Unit, AMLSCU, of the Central Bank. He told the third annual conference on risk management in the banking sector ...  >>MORE

New law on counter terrorism being drafted

Posted on 07/06/2004

A Ministerial Committee, established by the Ministry of Justice, Islamic Affairs and Endowments under Decree No. 254 of 2003, is in the process of drafting a new Law on Counter- Terrorism, Abdulrahim Mohammed Al Awadi, Assistant Executive Director, in charge of AMLSCU (Anti-Money Laundering and Suspicious Cases Unit) of the Central Bank said yesterday. Speaking on the organisational structure of the UAE FIU and AMLSCU at the ongoing Regional Seminar for Representatives of South Asian Countries ...  >>MORE

Anti-money laundering regulations successful: Al Suwaidi

Posted on 06/06/2004

The anti-money laundering regulations and rules implemented by the UAE have substantially reduced cases of transfer of suspicious money from outside the UAE, Central Bank Governor Sultan Nasser Al Suwaidi said yesterday. In a statement following the opening of the Regional Seminar for Representatives of South Asian Countries on establishing a Financial Intelligence Unit, FIU, he said that the previous cases monitored in the UAE had not come from inside the UAE, but transferred from outside. He ...  >>MORE

UAE to take tough stance against money laundering

Posted on 02/05/2004

The UAE is unequivocally supporting international schemes to deal a deadly blow to money-laundering activities especially those channelled to support terrorism, said Abul Raheem Al Awaadi, the senior official in charge of the money-laundering unit in the UAE Central Bank, referring to the four-day 'Channels Banking Forum' that will discuss banking strategies against laundering, hosted by Dubai. He called upon banks to adopt effective procedures of controlling their customers' accounts, so as ...  >>MORE

UAE ready to help others fight money laundering

Posted on 27/04/2004

The UAE Central Bank, which has put in place a comprehensive regime of anti-money laundering laws and regulation, is willing to provide assistance to other countries in terms of drafting laws and creating financial intelligence units. Abdulrahim Mohamed Al Awadi, Assistant Executive Director and In Charge of Anti-Laundering and Suspicious Cases Unit of the Central Bank of the UAE, said the Emirates is fully committed in its endeavours to fight money laundering and terrorism financing and has ...  >>MORE

UAE stock market enters war on money laundering

Posted on 27/03/2004

The UAE stock market has joined a campaign by banks and other institutions in the UAE to combat money laundering by introducing curbs on financial dealings. The country's top market regulator has told the two main stock exchanges in Abu Dhabi and Dubai to ensure that the cash they receive from investors and other dealers is clean money and set a ceiling on accepted cash of Dh40,000 (US$10,900). "You are requested to verify all information and documents when accepting cash or opening accounts ...  >>MORE

UAE money laundering law selected by UN as a model

Posted on 06/03/2004

The UAE's anti-money laundering law has been selected by the United Nations as a model which should be adopted by other states to contribute to global efforts aimed at putting an end to the world's most alarming "white-collar" crime. According to Michael A. DeFeo, Consultant, Terrorism Prevention Branch of the United Nations Office on Drugs and Crime, legislative actions of the UAE are considered highly important to the Vienna-based international organisation dealing with drugs, crimes and ...  >>MORE

UAE has augmented its anti-money laundering stance with tougher legislation: Al Dhaheri

Posted on 15/02/2004

The UAE has augmented its tougher anti-money laundry stance with stringent laws which made it exceedingly difficult for launderers to commit their crimes in the country's territory, said Mohammed bin Nakhira Al Dhaheri, Minister of Justice, Islamic Affairs and Awqaf. Addressing a symposium on "Investigating and Penalising Money Laundering Crimes” which opened yesterday, Al Dhaheri said that the UAE, after issuing Federal Law No. 4 of 2002 criminalising money laundering, adopted further ...  >>MORE

UAE defends Hawala system

Posted on 18/10/2003

The UAE defended today the legitimacy of the Hawala brokers (money transfer agents) and denied that the system had been used in financing terrorist acts and money-laundering transactions. 'The Hawala system is internationally recognised and no one can dare to cast doubt over it. It is recognised by 62 countries of the world including the G7 whose financial transactions control 80 per cent of the world financial order,' said UAE's Central Bank Governor Sultan bin Nasser Al Suwaidi. He told ...  >>MORE

Anti-money laundering steps in place — Suwaidi

Posted on 18/10/2003

The UAE is a liberal financial market and has been taking all necessary measures to keep its banks and other financial institutions free from money laundering, said the UAE Central Bank Governor. Opening the first annual conference of the National Anti-Money Laundering Committee, Sultan bin Nasser Al Suwaidi said the bank has been putting together an effective system, including anti-money laundering regulations and detection and reporting of suspicious transactions. The measures, he said, ...  >>MORE

UAE rigorously implements anti-terror and anti-money laundering measures

Posted on 23/09/2003

The UAE Central Bank released for the first time yesterday, detailed information on the number of cases investigated and prosecuted following introduction and stringent enforcement of tough legislation to counter money laundering and terrorist financing. "Our laws meet everything demanded by the Financial Action task Force and we have been extremely thorough in the way we have enforced this legislation and cooperated with other countries," said Abdulrahim Mohammed\Al Awadi, assistant executive ...  >>MORE

Suwaidi calls for international co-operation against money laundering

Posted on 22/09/2003

Money laundering is a "world-wide problem" and "defeating these criminals requires a united approach from every element of the international community, the UAE's Central Bank Governor said yesterday. Western Governments and international organizations also needed to improve the flow of Western governments and international organizations also needed to improve the flow of information to smaller states and tougher action had to be taken to deal with drug dealers and takers in the West, the ...  >>MORE

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Quick List

UAE Anti Money Laundering and Suspicious Cases Unit signs cooperation MoU with Egyptian counterpart


NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering


UAE to tighten disclosure law


National Anti-Money Laundering Committee holds first meet for 2013


UAE steps up fight vs. money-laundering


UAE busts money laundering network


UAE, US law enforcement agencies meet to discuss trans-border money laundering


Anti money laundering measures in insurance activities issued


UAE to join hands with 82 nations to fight dirty funds


Banks join global money laundering battle


UAE and Montenegro sign anti-money laundering MoU


Central Bank's Board of Directors discusses strategy to counter money laundering


UAE stands ready to back international anti-money laundering effort


UAE freezes suspected terror funds


National Anti-Money laundering Committee ends European tour


UAE, Spain discuss anti-money laundering cooperation


Money Laundering Committee visits Italy


UAE Anti-Money Laundering Committee leaves for Europe tour


No Hawala operators involved in money laundering case


UAE Central Bank freezes hawala operators' accounts


UAE-UK sing Anti-Money Laundering MoU


UAE-UK Money Laundering seminar wraps up


UAE committed to update money laundering legislations: Al Suwaidi


British Ambassador lauds UAE money laundering measures


UAE and Canada plan action against money laundering


UAE renews commitment to combat all forms of crimes


UAE freezes suspicious accounts


UAE determined to fight money laundering


Arab states launch money laundering & terror financing action task force


UAE backs global anti-money laundering campaign


New law on counter terrorism being drafted


Anti-money laundering regulations successful: Al Suwaidi


UAE to take tough stance against money laundering


UAE ready to help others fight money laundering


UAE stock market enters war on money laundering


UAE money laundering law selected by UN as a model


UAE has augmented its anti-money laundering stance with tougher legislation: Al Dhaheri


UAE defends Hawala system


Anti-money laundering steps in place — Suwaidi


UAE rigorously implements anti-terror and anti-money laundering measures


Suwaidi calls for international co-operation against money laundering