UAE's Ministry of Economy sets up anti-money laundering department | ZAWYA MENA Edition
The UAE’s Ministry of Economy (MoE) has developed a strategic plan to combat money laundering practices in the country by setting up a specialized department called the ‘Anti-Money Laundering Department’
The new department, acting within the structure of the MoE, aims to create awareness, and to regulate all activities listed under the business sector and specific non-financial professions.
Abdulla Bin Touq Al Marri, UAE Minister of Economy said that the Anti-Money Laundering Department will add further value to the progress made in strengthening the legislative and regulatory framework to confront money laundering in the country during the past three years, which is being led by the Supreme Committee for Combating Money Laundering.
The designated non-financial business and professions sector, which is supervised by MoE, with regard to combating money laundering, includes a wide range of non-financial sectors and activities that are most exposed to the risks of money laundering, according to a statement from the MoE.
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