UAE Signs Anti-Money Laundering Agreements

ABU DHABI - The UAE will further improve exchange of information on anti-money laundering and measures to discourage terror financing with its trading partners, in its efforts to boost direct foreign investments into the country, an official said.

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Published: Wed 8 Jul 2009, 1:56 AM

Last updated: Thu 2 Apr 2015, 4:42 AM

Already the nation has signed MoUs with the financial intelligence agencies of 20-countries in this regard and by the year-end, the plan is to conclude signing with rest of the 115-member Agmond Group, a UN Convention on anti-money laundering and counter -terror financing.

Such agreements will create a safety net that would encourage foreign institutional investors to increase into the country, said Abdul Rahim Mohammed Al Awadhi Assistant Executive Director and Head of Anti-Money Laundering and Suspicious Cases Unit of the UAE.

In this regard, the UAE and Montenegro signed an MOU on Monday to advance their efforts root out the menace of money laundering by fostering cooperation in the field financial intelligence.

Al Awadhi told reporters that the memorandum will pave the way for enhanced mutual cooperation in different areas that are of interest to both parties; on the top of it is crucial financial information exchange on dirty money.


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