The Central Bank of the UAE has issued new guidance to help financial institutions combat money laundering and terrorism financing.
It says licensed financial institutions (LFIs) including lenders are obliged to develop internal policies, controls and procedures to manage risks linked to money laundering and the financing of terrorism.
LFIs must also put in place indicators to identify suspicious transactions and activities and file reports to the UAE’s Financial Intelligence Unit, the banking regulator said in a statement on Monday.
“As we continue to enhance the effectiveness of AML/CFT measures to safeguard the UAE financial system, we expect licensed financial institutions to fulfill their duties as well,” Khaled Balama, governor of the CBUAE, said.
“This guidance serves as a key point of reference for licensed financial institutions to ensure their compliance with AML/CFT requirements.”
LFIs have also been asked to regularly screen their databases and transactions against names on lists issued by the UN Security Council and its relevant committees or by the UAE Cabinet before conducting any transaction or entering into a business relationship with any client, whether it is individual or corporate.
The latest guidelines came into effect on Monday, according to the regulator. LFIs have been given a month to comply.
The UAE has revealed various measures to fight and prevent money laundering in the last few months.
Dubai set up a specialist court in August that will focus on fighting money laundering and other financial crimes in a bid to strengthen the integrity of its financial system.
Last month, the Dubai Misdemeanour Court convicted eight individuals and three companies for cyber fraud and laundering stolen funds amounting to about Dh14 million ($3.81m).
The UAE has also joined other countries to clamp down on money laundering.
In August, the UAE’s Financial Intelligence Unit joined forces with the China Anti-Money Laundering Monitoring and Analysis Centre to exchange information and help crack down on global money laundering and terrorism financing.
The Ministry of Economy also urged real estate agents, gold dealers, auditors and corporate service providers to register with the relevant anti-money laundering system to avoid revocation of licences earlier this year.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
