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UAE Anti-money Laundering Laws are Foolproof: Al Awadhi
ABU DHABI — The UAE is fully complying with the ‘40 plus nine’ special recommendations of the Financial Action Task Force (FAFT), an international body fighting money laundering and financing of terrorism, in order to combat dirty money in its jurisdiction, a top official said.
Abdul Rahim Al Awadhi, executive director and head of National Anti-Money Laundering Committee (NAMLC), said that the three-day joint plenary meeting of FATF and the Middle East and North Africa FAFT, which opened on Wednesday in Abu Dhabi, will discuss applications and implications of the ‘40 plus nine’ special recommendations aimed at closing the channels used to launder dirty money across the world.
The plenary meeting might issue a list of ‘high risk’ countries and jurisdictions, Al Awadhi said.
The G-20 leaders in a decision taken in Pittsburgh on September 24-25 last year, had directed the FAFT to issue a list of such high risk jurisdictions by February 2010.
Al Awadhi, who is also head of Financial Intelligence Unit (FIU) told reporters on the sidelines of the plenary meeting, said that four working groups have met before the conference in last couple of days and discussed technical issues relating to procedures and implementations of the ‘40 plus nine’ recommendations.
The proceedings and recommendations of these four working groups will be presented at the plenary meeting, which is being attended by over 500-officials representing 53 countries and 33 regional and international organisations.
He said that the UAE and the rest of the GCC nations have promulgated laws to fight anti-money laundering and terrorism financing in line with the international conventions and laws.
The UAE as well the GCC region’s laws are foolproof, the official added.
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