UAE central bank sees rise in suspicious transactions
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Wed June 13, 2012 6:16 pm

UAE. Financial firms in the United Arab Emirates have reported a 25% increase in "suspicious" transactions in the first five months of this year as the Gulf state steps up vigilance against money laundering, a senior central bank official said on Wednesday.

At least 1221 suspicious transactions were reported as of the end May compared to 978 transactions reported during the same period last year, fi gures provided by the central bank showed.

In 2011, suspicious transactions reported totaled 2576 compared to 2781 in 2010, t he central bank figures showed.

"If such transactions have increased, it means that there is more awareness, more understanding and more training and that is the main objective of our anti-money laundering efforts," Abdulrahim Mohamed al Awadi, executive director and head of the anti-money laundering unit told reporters.

"We have enhanced cooperation with companies and the international community to enable the exchange of information relating to money laundering and terrorist financing," he said after signing a memorandum of understanding with the Financial Intelligence Unit of Madagascar.

The suspicious transactions are investigated and appropriate action is taken by the authorities, he said, declining to elaborate.

The UAE, in line with other countries worldwide, stepped up efforts to combat money laundering and "terrorist" financing after the September 11, 2001 attacks in the United States.

The UAE has signed MoUs with 38 countries to cooperate and share information relating to money laundering and financing of militants.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: May 18, 2017
UAE. 2020 Expo key to 'lukewarm' construction market in UAE with costs forecast to rise by 2% in 2017; Rest of the region including Qatar and Oman seeing construction slowdown and stable costs, reflecting oil prices.
date:Posted: May 16, 2017
INTERNATIONAL. Britain's Labour Party has announced that if elected it would introduce a 45% income tax rate on incomes over 80k pounds, and a 50% rate over 123k.
date:Posted: May 15, 2017
UAE. UAE, Saudi Arabia, Qatar, Kuwait and Oman's aviation infrastructure to help fuel travel and tourism sectors and accelerate economic growth; Around 46% of region's aviation projects are located in Saudi Arabia; More than two-thirds are being executed in the GCC.
dhgate