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Page last updated: December 08, 2022
Continuous efforts to enhance the UAE's endeavor to confront money laundering crimes
  • Thursday, December 08,2022

Continuous efforts to enhance the UAE's endeavor to confront money laundering crimes

The Central Bank of the United Arab Emirates, in cooperation with the Ministry of Interior and a number of partners, is making continuous efforts to enhance the fight against all forms of financial crimes and money laundering through the development of effective policies and legal frameworks, governance and executive machineries, and close follow-up of all operations.

Within the context of integrated work, awareness efforts and procedures continue within the framework of the "Dar Transfer" campaign launched by the Central Bank of the UAE in cooperation with the MoI, which is in line with the UAE's tireless efforts in ensuring community security and enhancing a safe economic and investment environment.

Through awareness, law enforcement agencies aim to enhance community awareness of the laws, regulations, and standards for money transfers, in order to ensure the preservation of transparency and integrity of transactions through registered hawala brokers.

The tools and means applied vary, which include close follow-up and monitoring, a transparent financial system enhanced by a security system that ensures the safety of financial transactions, and flexible legislation that ensures accuracy, speed and free flow of funds with a leading governance system.

H.E Khalid Mohammed Balama, Governor of the Central Bank of the UAE and Chairman of the National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee, said: "The Central Bank launched the system of registration of hawala brokers in order to ensure the application of transparency, integrity and financial governance in transactions carried through brokers registered before us, and in implementation of measures to fight against money laundering, combat financing of terrorism, and protect the financial system of the UAE.

H.E added that "the Central Bank will continue to take all measures to ensure the maintenance of the integrity of the financial system and ensure the compatibility of all financial transactions in the UAE to the requirements guaranteed by the system of registered hawala brokers."

Brigadier General Abdulaziz Al-Ahmad, Deputy Director General of the Federal Criminal Police at the MoI and Chairman of the Subcommittee for Investigations of Money Laundering Crimes affiliated to the National Committee for fighting against Money Laundering and combating the Financing of Terrorism and Financing of Illegal Organizations, stated that the UAE adopts transparency, follow-up and governance in the areas of financial transactions, as the concerned authorities work in an integrated manner according to a work system to enhance efforts to combat money laundering and related crimes, based on the strategy and directives of the UAE government seeking to enhance security and safety, provide an appropriate environment for economic and investment growth, and enhance the country's reputation in international forums.

He also stressed that work is continuing to support the efforts of the Supreme Committee to supervise the national strategy to combat money laundering and terrorist financing aimed at strengthening the UAE's efforts in the areas of raising the capabilities of countries and strengthening their work system in confronting such crimes, and enhancing the capabilities of national cadres in the fields of investigations, financial analysis, seizure, control and governance related to related crimes in accordance with international best practices.

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