UPDATE 1-UAE passes law to combat money laundering, terror financing | Reuters:
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.
The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.
FATF is an international organisation that sets global standards for fighting illicit finance.
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