Central Bank calls on 'hawala' operators in the UAE to register before December 2 deadline
Failure to register could lead to fines or imprisonment.
The UAE Central Bank has called on ‘hawala’ operators in the country to register for a hawala broker certificate before the deadline for the registration ends on December 2, 2020, as per the requirements of the Registered Hawala Brokers System.
The ‘Hawala Brokers System’ will allow only registered operators to function in the country. Once the deadline has passed, legal measures will be taken on operators in accordance with Central Bank laws. The practicing or promoting of any activity by “money transfer brokers” without registration will be considered a crime and punishable by imprisonment and a fine, in addition to closure of the activity.
All activities of the ‘Hawala’ operators are subject to registration, monitoring and scrutiny in accordance with the law and the anti-money laundering and countering financing of terrorism regulations in the country. Over the last few months, the UAE Central Bank has been involved in a number of initiatives on money laundering and fighting terror financing.
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