Tougher banking laws in UAE to counter terrorist activities

Abu Dhabi - The meeting, which was held at the UAE - UK joint conference on financial crimes and recovery of the proceeds of crimes at the Central Bank of the UAE, looked at various issues that reveals the relationship between criminals and banking.

Banking and criminal investigation experts joined on Tuesday in the Capital to call for tougher banking laws and legislations, highlighting that strict legislations will help weaken crimes and terrorist activities, particularly when it comes to money laundering and aiding finance to terror organisations.
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The meeting, which was held at the UAE - UK joint conference on financial crimes and recovery of the proceeds of crimes at the Central Bank of the UAE, looked at various issues that reveals the relationship between criminals and banking.
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As well as money laundering and the way banks operating in the UAE are combating terrorist finance, experts also highlighted strategic approaches to respond to illicit financial flows, national risk assessment, effective law enforcement and coordination with foreign counterparts in financial crime investigations.
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Mark Sedwill, UK Permanent Secretary, highlighted that international cooperation is key when it comes to weakening terrorist finances and activities.
"This is an important pillar for the depending of national security. It is important that we approach the link between terrorism and online."
Sedwill, who previously served as a United Nation's Weapons Inspector, pointed out that criminals often use people, particularly their families, to smuggle money across borders, and thus combating such activities requires strong global relations.
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"When we deal with organised crime, it's crucial we disable the money laundering."
He noted that legislations are required to disrupt terrorist movements and their financial institutions.
"There is no block between money laundering and terrorist activities, they exploit weaknesses in international security and we must deal with this."
UAE has also witnessed cases relating to terrorist funding. The Reem Island murder case of American school teacher Ibolya Ryan, which shook the nation by storm in December 2014, is an example of how criminals help aid terrorist groups.
Alaa Bader Abdullah, who was executed in July 2015 for her heinous crimes, was also accused of charges relating to her establishment of her electronically managed accounts and funding terrorist organisations.
More recently, in May this year, 19 men, were tried under the UAE's anti-terrorism law, and charged with setting up a clandestine organisation affiliated to a terrorist group.
The men, who were mostly Yemenis, set up secret structures that included planning, charity and finance committees, and raised almost Dh2million.
Moreover, three Syrians also stood trial in May. The accused were charged with funding terrorist groups Ahrar Al Sham and Al Nusra Front.
In June this year, a 48-year-old Emirati woman of Lebanese descent (R.M.A), was also given 10 years in jail for spying for top leaders of Hezbollah, where she provided sensitive information and smuggled millions of dollars through the airport, but was not subjected to checks by authorities, due to the special passport that she carried.
Mark Sedwill, who also served as UK's Ambassador to Afghanistan and the NATO Senior Civilian Representative in Afghanistan, stressed that to achieve concrete results that combat such organisations and networks, plans for anti-money laundering and terrorist finance are crucial.
He noted that court-freezing assets is thus one of the essential elements when it comes to disrupting individuals wishing to move assets abroad, as well as keeping a close eye on lawyers and accountants who may communicate and help criminals.
"People smuggle cash across borders. We need to constantly update our legal framework and international cooperation because it involves international borders."
Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE, Chairman of the National Anti-Money Laundering and Combating Financing of Terrorism Committee (NAMLCFTC), highlighted that furthering banking legal systems is necessary, when it comes to national safety and security.
"There is no safe place for criminals to hide," he added.
 
jasmine@khaleejtimes.com  
 

• Abu Dhabi