UAE reviews plans to combat terror, money laundering

UAE reviews plans to combat terror, money laundering
UAE reviews plans to combat terror, money laundering

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Nevin Al Sukari - Abu Dhabi - The photo has been used for illustrative purposes.

The UAE has presented its plan to combat money laundering for the upcoming month of February, during a joint review meeting held by the International Financial Action Task Force (FATF).

The meeting aimed to highlight the country’s commitment to the directives adopted by FATF and the Middle East and North Africa Financial Action Task Force, “MENAFATF,” along with the contributions from reforms to reaching internationally agreed targets.

In June and July 2019, FATF conducted a joint review of a reform package undertaken by the UAE, which is Law No. 20 for 2018 to combat money laundering and terrorism, along with its adoption of related regulations issued in 2019.

In July, the UAE delegation to the United Nations presented to the Security Council a clear picture of the country’s efforts to create the legal structure to combat terrorism and organised crime, along with a wide range of international cooperation agreements it signed to combat money laundering, which has maintained the UAE’s leading international status in the fight against corruption, money laundering and terrorist financing.

In December, the capital, Abu Dhabi, hosted the Eighth session of the Conference of the States Parties to the United Nations Convention against Corruption, with the participation of 3,000 experts and specialists from various countries.

The conference introduced the world to the UAE’s progress in modernising its legal structure to combat money laundering and assess risks, reinforcing its position as an international centre of business, financial and commercial services.

The Anti-Money Laundering Law for 2018, and its executive regulations for 2019, constitute a comprehensive reform document that supports the country’s business sector and local economy. The law includes frameworks for monitoring credit standing, disclosure, compliance and governance procedures in the operations of the Central Bank of the UAE, to ensure confidence in the national economy.

The law is supported by the advanced technical equipment of the Financial Intelligence Unit of the Central Bank of the UAE, which can analyse and investigate suspicious transactions.

Recently, the Central Bank of the UAE denied the claims of an article published on a “potentially fraudulent website,” which said that the Governor of the Central Bank endorses a private “cryptocurrency trading platform.”

The article, which was published in December, 2019, contains false information, the CBUAE said in a statement, adding that its position on cryptocurrency is “well-known.”

“The Central Bank does not approve any private cryptocurrencies or schemes, and has not issued any licences in the UAE,” the statement explained.


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