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| Arabia |
| UAE quizzed on terrorist financiers |
| 2005-12-01 |
| The UAE Central Bank has been approached by foreign law enforcement agencies and UN bodies seeking information on clients suspected of financing terrorism. Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank, has confirmed the news and said that the bank replied to the agencies through the proper channel. Suwaidi said the bank welcomed international cooperation in identifying and isolating the sources of terror. He added that the UAE had been catching up with international achievements in tackling crimes. The bank received 524 inquiries on which necessary procedures were taken. The Central Bank governor underlined that with the rise in money laundering activities around the world, the UAE has prioritised a number of elements in its strategy to combat the menace in accordance with several measures which include joining world efforts to combat money laundering; endorsing and implementing 40 recommendations to combat money laundering, including the nine recommendations to fight terror financing issued by a world group and other initiatives. They also include the enactment of laws to criminalise money laundering and terror financing and impose penalties on criminals. He said the UAE was amending laws and regulations to bring the country on a par with those applied at the global level. The Central Bank governor said that with the rise in money laundering activities around the world, the UAE has prioritised a number of elements in its strategy to combat the menace. It has adopted several measures like joining world efforts to combat money laundering, and endorsing and implementing 40 recommendations to combat money laundering, including the nine recommendations to fight terror financing issued by a world group and other initiatives, he said, adding that they also include the enactment of laws to criminalise money laundering and terror financing and impose penalties on criminals; and putting together systems and measures to combat money laundering at financial institutions and subjecting them to scrutiny; and reporting mechanisms on crimes and the verification and documentation of information. Al Suwaidi said the UAE strategy was also to educate people on combating terror financing and money laundering and how to uncover such crimes. |
| Posted by:Dan Darling |