UAE pledges to track accounts of terrorists, aides

"The UAE has extended full support and cooperation both to the UN and US authorities in their efforts to track accounts of terrorists and those who assist them and continues to do so. The UAE strongly supports international cooperation, enhanced mutual understanding and effective measures for tracking terrorism financing and money laundering," Abdulrahim Al Awadi, Assistant Executive Director & In-Charge of Anti-Money Laundering & Suspicious Cases Unit (AMLSCU) at the UAE Central Bank told the 3rd Annual Conference on Risk management 2004, organised by the Institute for International research (IIR) Middle East, at Fairmont Hotel, Dubai.

In his presentation, Mr Awadi highlighted the laws, regulations and procedures implemented by the UAE, in its efforts to encounter money laundering and combat terrorism financing.

He said among other measures, the UAE established the Anti-Money Laundering & Suspicious Cases Unit. It also formed the National Anti-Terrorism Committee which is guided by the principles underlined in the UN Convention for the Suppression of the Financing of Terrorism. A draft law on counter-terrorism is being prepared. It will have separate provisions to cover responsibilities of legal entities and will criminalise all offences relating to the financing of terrorism. There will be further provisions in the proposed law which will detail the measures available for confiscation of property used in financing terrorism.

Mr Awadi said the UAE welcomes and encourages cooperation with other jurisdictions. "We have so far received and assisted several investigation teams from the US since September 11. We have also received teams from the UK, Germany, Pakistan and from some AGCC countries to tackle different anti-money laundering and terrorism financing issues," he told the conference.

He added that the UAE had also extended full cooperation to investigations carried out by Germany, the UK, Portugal, Turkey and FINCEN, in addition to the United Nations. In accordance with UN Security Council resolutions, it has frozen accounts of certain individuals and organisations. Reports have been compiled and forwarded to the UN through proper diplomatic channels.

The chief of the Anti-Money Laundering & Suspicious Cases Unit said the UAE had not faced any major difficulties in executing the provisions of the Vienna Convention of 1988, as well as Security Council and General Assembly resolutions and initiatives, including the forty recommendations on anti-money laundering, issued by the Financial Action Task Force (FATF).

Mr Awadi said one of the reasons that there were no difficulties in executing the related anti-money laundering and anti-terrorism financing conventions and laws is that the UAE Central Bank does not allow banks to open secret, code, or shadowy accounts.