UAE signs Anti-Money Laundering Agreements
On May 10, the United Arab Emirates signed new anti-money laundering agreements with 5 Arab countries
According to a UAE Central Bank’s statement, the memoranda of understanding were signed by Mohamed al-Awadi, executive director and head of Anti-Money Laundering and Suspicious Cases Unit at the UAE Central Bank, with Morocco, Jordan, Libya, Mauritania and Sudan.
The agreements were signed at a recent meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF) that took place in Tunisia. They reveal the commitment of the United Arab Emirates to enhance cooperation with its global and regional partners in order to coordinate the efforts against money laundering, terrorist financing and related crimes.
It should be noted that the country has already finalized such agreements with 36 nations and organizations, which is part of its plan to conclude deals with at least 90 nations on cooperation to fight laundered money. It is also worth mentioning that the UAE is among the first jurisdictions in the region to enact anti-money laundering laws and publicly report such cases.
In 2009, a total of 1 729 suspected money laundering cases were uncovered in the UAE. The UAE Central Bank received more than 11 800 reports on cash declaration.