UAE seeks to tighten anti-money laundering and terror financing measures | Banking – Gulf News
The UAE’s National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) has urged financial sector regulators and law enforcement agencies to tighten their procedures to combat money laundering and terror financing.
A meeting of the NAMLCFTC chaired by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the NAMLCFTC urged regulators update their internal procedures and systems, based on a guidance paper introduced by the NAMLCFTC to strengthen public institutions’ roles in checking money laundering and terror financing.
“Effectively responding to the threat of financial crime, notably money laundering and terrorist financing, requires a concerted effort and the mobilisation of the public and private sectors’ collective resources and expertise. As such, the UAE is strengthening its cooperation with local and international financial institutions to swiftly monitor and report any and all activities deemed suspicious,” said Balama.
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