The United Arab Emirates will require those leaving the country to declare large amounts of money from September as part of an effort to improve monitoring of suspicious cash flows, officials said on Sunday.
Dubai, a Gulf trade and finance hub, has been fighting a reputation as a haven for money laundering since the September 11 attacks of 2001 drew attention to the relative ease of moving money through the city.
"The UAE... has put in place a strong legal, regulatory and institutional framework to counter money laundering and combat terrorist financing and thereby protect its institutions from any reputation risk," Central Bank Governor Sultan Nasser al-Suweidi told a conference on the new measure.
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