The Central Bank of the UAE issued fresh guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) to Registered Hawala Providers in the UAE and Licensed Financial Institutions that provide services to RHPs.
The new set of directions will help in effective implementation of the statutory AML/CFT obligations for RHPs and LFIs, the central bank said. The guidance, which also takes Financial Action Task Force standards into account, came into effect on Wednesday.
“The CBUAE will continue to keep a suitably close eye on licensed financial institutions in the country, including registered hawala providers to enhance their effectiveness in implementing AML/CFT measures to safeguard the UAE’s financial system,” Khaled Balama, governor of the CBUAE, said.
The UAE has introduced strict measures to combat money laundering and set up a dedicated agency this year to identify people responsible and those suspected of financing terrorists and organised crime. The CBUAE also regularly issues guidelines on how financial institutions can assess money-laundering risks.
Hawala providers extend an informal funds-transfer service between people using non-bank settlement methods.
The regulator permits legitimate hawala activity, and considers it an important element in its continuous efforts to boost financial inclusion and bring the unbanked segment of the population into the regulated financial system.
Hawala is regulated by the Registered Hawala Providers Regulation issued in 2019. All providers undertaking hawala activity in the UAE must hold a hawala provider certificate issued by the central bank.
“RHP are required to comply fully with UAE requirements relating to targeted financial sanctions and suspicious transaction reporting,” the CBUAE said.
“[They] are also required to establish and maintain an effective AML/CFT compliance programme designed to prevent misuse of this activity … this should include a competent compliance officer, appropriate customer and agent due diligence, transaction monitoring and record keeping."
RHPs are mandated to maintain an account with a bank operating in the UAE to be used for settlements.
The Central Bank of the UAE last month issued new guidelines governing the implementation of sanctions related to AML/CFT.
Earlier this month, 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.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Director: Abdulrahman Sabbah
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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Killing of Qassem Suleimani
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
