Gold hub UAE toughens fight against financial crime | Reuters
The United Arab Emirates, one of the world’s largest gold hubs, is strengthening its defences against financial crime, including new restrictions on the movement of cash and precious metals, the Gulf state said on Thursday.
The steps follow a 2018 tightening of financial regulations that sought to dispel a view among some foreign investors that the country is an illicit money hot spot.
Detailing the latest measures, the UAE Executive Office to Combat Money Laundering and Terrorist Financing said the tools include one for submitting suspicious banking reports, a unified electronic customs platform and a programme restricting movement of cash, stones and precious metals before and after arrival.
“Through the adoption of these technical controls, the Executive Office hopes to strengthen the UAE’s efforts to curb illicit flows of funds, promote asset recovery, and combat all forms of transnational financial crime,” the Office, set up in February, said in a statement.
No comments:
Post a Comment