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
china wholesale market

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: January 25, 2015
INTERNATIONAL. Gold priced in euros was the winner, both on the week but also in terms of its overall performance so far this month; Both Brent and WTI crude oil have settled into a US$5 range.
date:Posted: January 24, 2015
QATAR. Deflation is starting to spread into lower global consumer prices, depressed wages and, to a lesser extent, softer asset prices. Unless an appropriate fiscal response is found, this disinflationary dynamics is likely to continue in 2015 and possibly beyond.
date:Posted: January 23, 2015
KUWAIT. Strong growth in American supply boost non-OPEC output by 3.65% in 2014; OPEC not opting for output cut to halt drop in price; Downside risks prevail as world supply increases.
UAE. Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year, but visitors from elsewhere look set to make up the numbers at the annual retail bonanza.
dhgate