Central Bank outlines anti-money laundering fight strategies at Channels banking forum

This was stated by Abdulrahim Mohamed Al Awadi, Assistant Executive Director and In Charge of Anti-Laundering and Suspicious Cases Unit of the Central Bank of the UAE, at Channels, the four-day Global Banking Strategy Summit in Dubai.

He provided an overview of the implementation of laws, regulations and procedures of anti-money laundering and combatting terrorist financing in the UAE. He also discussed the Central Bank's experience in comparison with regulators in other jurisdictions.

Numerous effective techniques and strategies have been implemented by the Central Bank of the UAE to combat possible money laundering and terrorist financing.

"The UAE considers it extremely important to ensure that all monies emanating from illegal activities abroad are not run through the financial system of the country, irrespective of where the crimes are committed.

"The UAE is fully committed in its endeavours to fight money laundering and terrorist financing and, in this regard, has demonstrated long leadership in this region."

He said the "ultimate aim" of international and regional initiatives was to protect the global community and its banking and financial systems from crime and to promote cooperation within the international community in these endeavours.

"The UAE has a number of mechanisms in place to help combat terrorism and the criminal exploitation of its financial system

"Since 9/11, supervisors around the world are increasingly recognizing the importance of ensuring their banks have adequate controls and procedure in place so that they are not used for criminal purposes. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, supervisors are aware that their banks can become the subject of reputational and operational risks which can result in significant financial cost to banks and possibly the financial system as a whole."

Mr Al Awadi said the UAE is willing to provide assistance to other countries in terms of drafting laws, creating financial intelligence units, particularly when it comes to helping developing nations.

"It is part of our continuing commitment and support in this vital area," he said.

Mr Al Awadi heaped praise on Channels, adding "it is my pleasure to be at this excellent forum to brief the participants on the laws, regulations and procedures of the Central Bank of the UAE for anti-money laundering and combating terrorist finance."

More than 60 experts are taking part in the IIR-organised Channels, either as speakers or panelists.