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UAE passes anti-money laundering law

The United Arab Emirates on Tuesday, October 31, has approved an anti-money laundering law to fight against terrorism financing and bring its laws parallel to international standards in terms of combating illicit money flows.

Issued by President His Highness Sheikh Khalifa bin Zayed Al-Nahyan, the anti-money laundering law is in line with the requirements and recommendations of the Financial Action Task Force (FATF) to establish an independent financial information unit within the central bank that will be solely responsible for identifying risks and assessing the effectiveness of the government’s efforts to combat money laundering and terrorism financing among financial institutions, reported The National.

“This law aims to combat money-laundering and to establish a legal framework that supports and strengthens the efforts of the relevant authorities in the nation in countering money-laundering and related crimes. The law also counters financing of terrorist operations and suspicious organizations, which enhances the UAE’s commitment to international recommendations and treaties, ”said His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

The UAE has been closely monitoring the financial regulation to prevent regulatory gaps.

Dubai International Financial Center had already updated its anti-money laundering and counter-terror financing rules earlier this month.

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