US urged to assign panel to tackle money laundering

ABU DHABI -The UAE Central Bank has urged the United States to assign a 'special unit or body' to which queries, requests and other enquiries may be addressed while dealing with subjects relating to countering money laundering.

By N. Srinivasan

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Published: Tue 17 Feb 2004, 12:21 PM

Last updated: Thu 2 Apr 2015, 11:53 AM

Chairman of Central Bank Sultan bin Nasser Al Suwaidi told Khaleej Times yesterday after the conclusion of a two-day seminar on investigating and prosecuting money laundering crimes held at the Central Bank, that there were diverse subjects that were to be addressed to different departments such as the treasury, customs and justice, to name a few. And this caused problems considering that the US is a huge country, he said. The special unit or body could serve to coordinate the functions.

Referring to the action taken in the cases referred to, for money laundering, he said no specific figures could be spelt out as the whole process is one that is evolving and ongoing and numbers do not stay the same. When the Governor's attention was drawn to reports in a section of the foreign Press that a UAE-based Sri Lankan businessman was purportedly providing technical support to some countries, relating to weapons of mass destruction, as alleged by a nuclear scientist in Pakistan, he said the matter at the moment bordered on speculation. If any evidence surfaces, we will put the concerned party on the 'financial trail', he said.

He described the national economy as healthy, poised to post a growth between 4.5 per cent and 5 per cent this year. The budget outlook is also better, aided by more sources of revenue, he added.

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