ID :
105782
Wed, 02/10/2010 - 14:50
Auther :
Shortlink :
https://oananews.org//node/105782
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UAE Central Bank received over 1700 reports on suspicious money laundering operations
Abu Dhabi, Feb 10, 2010 (WAM)- Reports about suspicious money laundering transactions rose to 1729 in 2009 from 1170 in 2008, Deputy Executive Director of the UAE Central Bank and the Head of its Anti-Money Laundering '&' Suspicious Cases Unit (AMLSCU) Abdul Rahim Al Awadhi disclosed yesterday.
Al Awadhi said at a press conference yesterday the rise in the number of reports underlines commitment by banking, financial, economic and commercial institutions and corporations to laws and regulations issued by the Central Bank and other competent authorities.
He added that these cases were referred to the concerned authorities as 683 cases were sent to the security authorities while 169 were handed to the judiciary. The remaining cases are still under investigation.
The top central banker denied involvement of foreign parties in money laundering operations through buying properties in the UAE.
He condemned such allegations as completely “baseless” as all real estate companies in the UAE are committed to the law for criminalising money laundering and financing terrorism.
Answering a question about whether the UAE has refined its laws for fighting money laundering and terrorism financing following the 11 September events, he said the UAE issued law no 4 of 2002 for combating money laundering and upgraded its regulation by releasing a law in 2004 for fighting terrorism financing as per the UN Security Council relevant resolutions.
Al Awadhi said at a press conference yesterday the rise in the number of reports underlines commitment by banking, financial, economic and commercial institutions and corporations to laws and regulations issued by the Central Bank and other competent authorities.
He added that these cases were referred to the concerned authorities as 683 cases were sent to the security authorities while 169 were handed to the judiciary. The remaining cases are still under investigation.
The top central banker denied involvement of foreign parties in money laundering operations through buying properties in the UAE.
He condemned such allegations as completely “baseless” as all real estate companies in the UAE are committed to the law for criminalising money laundering and financing terrorism.
Answering a question about whether the UAE has refined its laws for fighting money laundering and terrorism financing following the 11 September events, he said the UAE issued law no 4 of 2002 for combating money laundering and upgraded its regulation by releasing a law in 2004 for fighting terrorism financing as per the UN Security Council relevant resolutions.
