UAE sets up tools to combat money laundering & terrorist financing

By Amirtha P S, Trainee Reporter
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UAE
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The UAE’s Executive Office to Combat Money Laundering and Terrorist Financing is adopting a set of technical tools to control financial crime in the country.

The tools namely “goAML”, “IEMS” and “Fawri Tech” will receive, collect, and examine data, subsequently reporting it to the relevant authorities to take action when necessary.

The “goAML” tool will submit and analyze suspicious banking reports for the authorities to take legal action and the “IEMS” platform will be used to exchange messages between the Financial Information Unit, the private sector, and law enforcement entities in the UAE. The “Fawri Tech” program will facilitate immediate action on financial issues related to fighting the proliferation of weapons of mass destruction.

The new tools have also included the unified electronic customs platform to contribute towards the long-term efforts to promote trade, travel as well as to control illicit trafficking and smuggling operations in the country and the “Declare” program, that controls the movement of cash, precious stones and metals before and after their arrival in the emirates in accordance with the movement of passengers across customs borders, including land, sea, and air.

By adopting these technical controls, the Executive Office expects to strengthen the UAE’s efforts to curb illicit flows of funds, promote asset recovery, and combat all forms of transnational financial crime.

In cooperation with the UAE’s regulatory authorities, the Executive Office will reinforce national coordination by sharing information with local stakeholders to counter money laundering, terrorist financing, and arms proliferation.

The National Committee has taken measures on the proposal of the Executive Office to Combat Money Laundering and Terrorist Financing while requiring financial institutions, businesses, and non-financial professions to adopt these actions, especially concerning high-risk countries.

Related: Saudi Arabia strengthened its anti-money laundering regulatory framework

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