UAE launches UN-developed anti-money laundering platform

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All financial institutions in the UAE will now have to report any suspicious transactions through "goAML" (Anti-Money Laundering), a newly UN-developed platform, the Central Bank of the UAE announced on Sunday.

All entities under the central bank's banking supervision department, the Insurance Authority, the Securities and Commodities Authority, Abu Dhabi Global Markets and the Dubai Financial Services Authority are included and must be registered with the new system by June 27.

The UAE has been tightening its financial regulations to fight the perception among some foreign investors that it is a hot spot for illicit funds due to its free trade zones and geographic proximity to Iran.

We are demonstrating that our financial institutions will always prioritise safety and compliance above all and we will not compromise for the protection of our financial institutions, nation and people"

"We are demonstrating that our financial institutions will always prioritise safety and compliance above all and we will not compromise for the protection of our financial institutions, nation and people," Saif Al Shamsi, deputy governor of the UAE Central Bank, said at a press conference.

More than 900 entities including, banks, insurance companies and money exchange centres, are required to register on the platform  or face hefty penalties. Half of them have already registered.
 
The platform will help the FIU prevent money laundering, financing of terrorism and other illicit financial activities, they said.
 
The FIU, the central repository of financial intelligence in the UAE, will use the platform to gather and analyse intelligence submitted by reporting entities, which is then analysed and disseminated to law enforcement authorities.
Authorities also said that the amount of cash to be declared when moving in and out of the country was reduced from Dh100,000 to Dh60,000. 
A global money laundering watchdog, the Financial Action Task Force (FATF), is expected to start an evaluation of the UAE's efforts in fighting illicit money flows in July.

 

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