UAE Central Bank to fight money laundering
BY HASEEB HAIDER
ABU DHABI — The UAE central bank in association with law enforcement agencies, has clamped down on attempts to launder money through the UAE in recent months, said Sultan bin Nasser Al Suwaidi, Governor, Central Bank of UAE, yesterday.
The central bank is closely monitoring charities and NGOs in the wake of a few attempts recently made to launder money through UAE.
"We are closely monitoring and following up any operation that could be an attempt to launder dirty money in the country," Al Suwaidi said.
"We are working in response to international calls to follow up and monitor operations and activities of charities to ensure that their funds are not used by terror groups," he told reporters on the sidelines of a seminar organised by the bank in cooperation with UK's Serious Organised Crime Agency (SOCA) and HM Revenue and Customs (HMRC).
Ministry of Labour and Social Affairs under a law of 1974, which regulates the activities of NGOs and charities is beefing up their licensing mechanism in a bid to monitor their operations.
Al Suwaidi said the UAE has given great attention to implement a national policy to encounter financial crimes, including money laundering and terrorism financing by evolving a proper legal framework and monitoring mechanism to check the inflow of dirty money into the country.
Governor said though the UAE is under threat of the global menace as other financial capitals, but the strong measures adopted till now have been quite successful, curbing the financial crimes effectively.
Describing anti-money laundering efforts as a battle which may take years to root it out completely, he said the Central Bank of UAE is discussing the possibility of signing an MoU with the Serious Organised Crime Agency of UK to share information and expertise in order to effectively check the financial crimes.
To a question, he said there were mechanisms to check the dirty money coming into the country from illegal channels even if it is invested into shares or real estate. Upon receiving information, the real estate and investments are confiscated before legal proceedings start against the concerned individual who is involved in the crime.
"There are ways to freeze and attach such properties and investments. But, the central bank gets involved in a final stage," Suwaidi told reporters.
He said: "The innovative methods adopted by the criminals involved in money laundering are a constant challenge to the authorities that is why, we are committed to continue improving and developing our legislation, systems, regulations and measures to encounter money laundering and to combat financial crimes and those behind executing them."
He said that following the biggest bank robbery in UK, central bank is monitoring the money transactions so as to check this money coming into the country. He said that recently 85 hawala dealers have been registered in the country while the money being remitted by generally blue collared class is insignificant.
Richard Makepeace, British Ambassador, said both the UAE and UK were convinced to enhance the cordial bilateral cooperation between the financial intelligence units in both the countries, in accordance with the requirements of the EGMONT Group and recommendations issued by the Financial Action Task Force (FATF).
Abdulrahim Mohammed Al Awadi, Head of UAE's Anti Money Laundering Unit, said that the MoU will outline avenues of cooperation, and exchange of information in combating money laundering.
