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Jun 24 19, 10:01 am

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UAE launches UN-developed anti-money laundering platform

by | Finance, News, Technology

Jun. 24, 19 | 10:01 am

WAM

(WAM) — The UAE has become the first country in the Gulf to launch a new reporting platform developed by the United Nations Office on Drugs and Crime, UNODC, to curb organised crimes.

The UAE’s Financial Intelligence Unit, FIU, launched the new anti-money laundering platform ‘goAML’ , which has been open for registration since May, officials of the UAE Central Bank, CBUAE, announced on Sunday in Abu Dhabi.

All financial entities and Designated Non-Financial Businesses or Professions (DNFBPs) have to register on this system by 27th June, they said at a press conference convened at the CBUAE headquarters.

More than 900 entities including, banks, insurance companies and money exchange centres, are required to register on the platform and 50 percent of them have already registered.

The platform will help the FIU prevent money laundering, financing of terrorism and other illicit financial activities, they said.

The FIU, the central repository of financial intelligence in the UAE, will use the platform to gather and analyse intelligence submitted by reporting entities, which is then analysed and disseminated to law enforcement authorities.

Commenting on the launch of ‘goAML’, Mubarak Rashed Al Mansoori, Governor of the CBUAE and Chairperson of the National Anti-Money Laundering and Combating Financing of Terrorism and Illegal Organisations Committee, said, “Our objective has always been to provide support for UAE’s financial institutions in line with global standards. The platform will act as an integral part of the FIU by elevating its IT infrastructure, strengthening a countrywide cooperation against criminal activity.”

Saif Al Shamsi, Deputy Governor of the CBUAE, said the milestone step of launching the platform is a further testament to the UAE’s commitment to the international community.

Ali Faisal Ba’Alawi, Acting Head of the FIU, said entities do not have any expenses for the registration on the system. “They have to spend some time and efforts to upload the necessary data on the system; that is their only cost!” Ba’Alawi explained.

Judge Hatem Fouad Aly, UNODC Representative for GCC Region, said the data collected by ‘goAML’ are not shared with the UN. “The UN just facilitates member countries to set up such platforms. The information is handled by the relevant country itself,” he said.

“Now criminals will fear the UAE in general, and its FIU in particular,” thanks to the strong arm of the platform that will check their nefarious designs, Aly added.

The UNODC-developed platform was specifically customised to meet the requirements of the UAE’s anti-money laundering and counter-terrorist financing, AML/CFT, framework and key stakeholders, he said.

Philippine Property and Investment Exhibition (PPIE), the biggest, longest running and most trusted Philippine business and investment forum in the Middle East is now on its eight edition which will be held this coming April 10-11, 2020 at Crowne Plaza - Sheikh Zayed Road.

The past seven editions of PPIE made a history in the UAE and in the region by bringing in more than 24,500 quality visitors.

This event has been continuously attended by the leading most reputable property developers; banks; insurance companies; government-backed financial, investment & savings institution; money remittance centers; and services providers.

To know more about PPIE 2020, visit www.ppie.ae , or contact:
Rain Dimalanta
New Perspective Media Group
[email protected]
+971 4 244 9642

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US cancels military exercises with PHL due to Covid 19

US cancels military exercises with PHL due to Covid 19

The United States on Friday said it is canceling military exercises with the Philippines scheduled on May 4 to 15 amid the global coronavirus pandemic. A statement of the US Indo-Pacific Command in Hawaii sent by the US Embassy in Manila said the war games in the...

Duterte marks 75th birthday in self-quarantine

Duterte marks 75th birthday in self-quarantine

President Rodrigo Duterte is celebrating his 75th birthday while in self-quarantine after being exposed to officials who tested positive for coronavirus disease or COVID-19.    In a Facebook post, Senator and former Presidential aide  Bong Go said that Duterte cannot...

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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