UAE lays down adequate framework to fight money laundering: Al Suweidi

Abu Dhabi, Nov 11, 2008 (WAM) - Money laundering and financing of terrorism have seen drastic transformations by use of modern technology, producing therefore new challenges, UAE Central Bank governor admitted yesterday.

''We should realise that abuse of modern technology by criminals and terrorists is possible ....we believe exchange of information in this regards will bolster joint efforts and provide a better ground for work,'' Sultan Nasser Al Suweidi said at the opening of the 8th meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) which hosted by Fujairah yesterday.

Al Suweidi, also Chairman of the National Anti-Money Laundering Committee, affirmed that :'' The key to win this battle lies with the decisive role the MENAFATF can play in raising the bar of awareness on these issues in the region.

According to him, the UAE has laid down a powerful legal, regulatory and institutional framework to fight money laundering financing of terrorism.

The meeting, he said, would discuss among other topics a proposal to establish a fund for training and technical assistance.