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Vimala Vasan

Dubai , Sept. 22

FOLLOWING the successful implementation of stringent measures by the UAE in recent years to curb money laundering, the UAE Central Bank has offered to help developing market countries to set up the legal, regulatory and policing structures necessary to maintain the international fight against money laundering and terrorism financing.

Abdulrahim Mohammed Al Awadi, Assistant Executive Director and person in charge of anti-money laundering and suspicious cases unit (AMLSCU) at the UAE Central Bank, said at a seminar at the ongoing WB-IMF annual meetings, that the UAE was ready to share its expertise with countries that have less experience in dealing with these matters.

"Our legislation and regulatory procedures meet the highest international standards,'' he said.

Senior officials from the UAE Central Bank and the AMLSCU gave detailed explanations of the strategy adopted by the UAE to detect, convict and deter those involved in money laundering and terrorism financing.

The seminar was targeted primarily at delegates from developing market countries attending the IMF/World Bank meetings.

Mr Al Wadi maintained that co-operation was the only way to meet the challenge. "The campaign on global money laundering is only as strong as the weakest link, which means that governments now have to work together,'' he said.

The official said that the solution was to offer assistance to improve their controls, including those States that have not yet met the financial action task force standards.

"Our laws and regulations are accepted as an excellent model. We participate actively in multilateral organisations involved in drawing up international standards and laws,'' he said.

In line with its obligations as a member of the Egmont Group (which governs exchange of information between member States), the UAE is signing memorandums of understanding with financial intelligence units, across the world.

Earlier, Sultan Bin Nasser Al-Suweidi, Governor of the UAE Central Bank, said in a statement that Western governments and international organisations also needed to improve the flow of information to smaller States and tougher action had to be taken to deal with drug dealers and takers in the West. Mr Al-Suweidi said that if governments did not work together, the international anti-money laundering effort would be less effective.

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