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: April 24, 2017
UAE. Installed generation capacity in the MENA countries analysed will have to rise by almost 150GW, more than 50% on the current available capacity of 290GW, to reach a massive 440GW by 2020.
date:Posted: April 24, 2017
UAE. Number of active hospitality projects reached 1,153 as 62 projects with a combined value of US$2.5 billion were added to the list in the first quarter of 2017, according to BNC Network; GCC hospitality sector constitutes 7% of all active projects in the GCC.
date:Posted: April 23, 2017
LEBANON. latest Byblos Bank/AUB Consumer Confidence Index shows recovery in sentiment in the first three months of the year remains tentative at best.
dhgate