UAE PLANS STRINGENT STEPS TO CURB MONEY LAUNDERING

AL AIN - The UAE is planning to undertake stringent measures to curb
all forms of money laundering by applying both national and
international laws and regulations in this regard, said Sultan bin
Nasser Al Suwaidi, Governor of UAE Central Bank, in his keynote speech
at the first annual conference of the National Anti-Money Laundering
Committee, organised yesterday by the CB at Mercure, Jebel Hafeet Hotel.

This conference was aimed at bringing together all the national bodies
concerned with combating money laundering to discuss views and
exchange ideas and information on this crucial issue, he added.

Besides the CB officials, representatives from the Ministry of
Interior, Ministry Justice, Islamic Affairs and Endowments, Ministry
of Economy and Commerce and other government and private bodies have
also attended the two-day conference.

Al Suwaidi reiterated the commitment of the UAE to the regional and
international initiatives in this regard, like the UN Convention
(Vienna Convention 1988) against the illicit traffic in narcotic drugs
and psychotropic substances, the 40 recommendations on combating money
laundering, issued by the Financial Action Task Force (FATF), the
eight special recommendations on combating terrorist financing of the
Financial Action Task Force (FATF).

He also affirmed the CB has set up a plan to detect and encounter all
the new techniques and methods introduced by money launderer to their
business.

The CB has also started monitoring the activities of other economic
sectors like the audit and lawyers' offices, jewellery and gold
traders, he added.

The plan also encompasses intensified training and retraining of all
those individuals who were tasked with the combating of these economic
crimes.

The governor of the CB has also condemned allegations in the
international media that a terrorist organisation has conducted some
money transactions through the UAE banking system.

The CB has so far detected around 24 suspected money laundering cases
in the country and submitted them the UAE judicial systems, he added.

A number of experts have presented around seven papers throughout the
conference that cover different topics like the anti-money laundering
legislations and procedures, definition and concept of money
laundering, the organisational structure and the working methods of
the National Intelligence Services (NCIS).

The total number of suspicious transactions received by the Anti-Money
Laundering and Suspicious Cases Unit (AMLSCU) amounted to 633, of
which 497 from banks, 49 from moneychangers and other financial
institutions and 87 from customs departments in the country, Al
Suwaidi added.

The AMLSCU has also requested information with regard to 62 suspicious
cases from other FIUs and authorities abroad, the number of accounts
frozen with regard to these cases amounted to 13, he said.

The FIUs abroad have requested information and statements from the CB
with regard to 179 suspicious cases, the number of accounts with
regard to those cases amounted to 23, he said.