UAE introduces measures to fight Money Laundering
The United Arab Emirates has introduced new measures in order to prevent and fight with money laundering in the insurance sector.
Deputy director general of the National Insurance Authority, Fatima Mohammed Ishaq Al Awadhi, said that the issuance of the measures is expected to curb future money laundering activities in this industry. Also, Al Awadhi noted that these new measures would be applicable on all insurance companies, including foreign insurance companies operating in the jurisdiction. She emphasized that the insurance companies and the insurance-related professions would be held accountable in case a money laundering crime is committed either in their name or in the name of their companies or accounts intentionally.