The UAE has launched a smart anti-money laundering tool ‘Fawri Tick’ for coordinating Anti-Money Laundering (AML) and Countering Terrorist Financing (CFT) cases.
As part of the UAE’s constant effort to banish financial crimes, in the sixth meeting of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations has announced the launching of ‘Fawri Tick’, which is developed by the Federal Authority for Nuclear Regulations (FANR).
‘Fawri Tick’ integrates and aggregates the numerous AML and CFT cases over the federal and local authorities and makes relevant communications to take and execute required actions and decisions for cases within a short time.
The administration of the smart tool will be under the sub-technical committee which includes the members of the National Committee and the FANR.
The Financial Action Task Force (FATF) and the relevant United Nations Security Council constantly demanded to take necessary actions against financial crimes which in turn resulted in the development of the Fawri Task.
The Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations committee says “the launch of Fawri Tick system reflects our efforts and commitment towards achieving the National Strategy for Anti-Money Laundering and Countering Financial Terrorism.
“The smart platform allows the UAE to apply strict control measures to respond effectively to financial crimes and more importantly, eliminate them in a timely manner.”
Christer Viktorsson, Director General of the FANR stated that it is an achievement for UAE’s efforts in countering money laundering and eliminating terrorism. Also expressed FANR’s happiness in working with the federal and national shareholders for the development of the Fawri Tick by guiding as a nuclear regulator and employing its technologies in it.