INTERVIEW: UAE, Saudi stepping up anti-money laundering measures- U.N. official | ZAWYA MENA Edition:
The United Arab Emirates and Saudi Arabia are moving forward with their plans to counter money laundering, especially as the rise of fintech raises risks of illicit financial transactions, a United Nations official said.
The UAE has just launched a new anti-money laundering system (goAML) which was developed by the United Nations Office on Drugs and Crime (UNODC) for use by the UAE Central Bank’s Financial Intelligence Unit (FIU).The platform facilitates the receipt, analysis, and dissemination of illicit transactions and activity to law enforcement authorities in the UAE.
“It will enhance the flow of money because it will increase the capacity of the FIU on the detection of illicit financial transactions,” Hatem Fouad Aly, United Nations Office on Drugs and Crime (UNODC) representative for the GCC region told Zawya at an event in Abu Dhabi.
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