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Continuous efforts to enhance the UAE’s endeavor to confront money laundering crimes

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The Central Bank of the United Arab Emirates, in cooperation with the Ministry of Interior and a number of partners, is making continuous efforts to enhance combating all forms of financial crimes and money laundering through the development of effective policies and legal frameworks, governance and executive bodies, and close follow-up of all operations.

Within the context of the integrated work, awareness efforts and procedures continue within the framework of the “Dar Transfer” campaign launched by the UAE Central Bank in cooperation with the Ministry of Interior, which is in line with the UAE’s relentless efforts to ensure community security and promote a safe economic and investment environment.

It targets law enforcement agencies by raising awareness and enhancing societal awareness of the laws, regulations and standards for money transfers, in order to ensure the preservation of transparency and integrity of transactions through registered hawala brokers.

The applied tools and means are varied, which include close follow-up and monitoring, a transparent financial system that is reinforced by a secure system that guarantees the integrity of financial transactions, and flexible legislation that guarantees accuracy, speed, and free flow of funds with a pioneering governance system.

His Excellency Khaled Mohammed Balama, Governor of the Central Bank of the United Arab Emirates and Chairman of the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations, said: “The Central Bank has launched the registration system for hawala brokers with the aim of ensuring the application of transparency, integrity and financial governance in the transactions carried out through The brokers registered with us, and in implementation of measures to combat money laundering, combat financing of terrorism, and protect the financial system of the UAE.

His Excellency added, “The Central Bank will continue to take all measures to ensure the preservation of the integrity of the financial system, and to ensure that all financial transactions in the UAE comply with the requirements included in the system of registered hawala brokers.”

For his part, Brigadier General Abdulaziz Al-Ahmad, Deputy Director General of the Federal Criminal Police at the Ministry of Interior and Chairman of the Subcommittee for Investigations of Money Laundering Crimes affiliated to the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations, said: “The UAE adopts transparency, follow-up and governance in the areas of transactions. Finance, as the concerned authorities work in an integrated manner according to a work system to enhance efforts to combat money laundering and related crimes, based on the strategy and directives of the UAE government seeking to enhance security and safety, provide an appropriate environment for economic and investment growth, and enhance the country’s reputation in international forums.

He stressed that work is continuing to support the efforts of the Supreme Committee to supervise the national strategy to combat money laundering and terrorist financing aimed at strengthening the UAE’s efforts in the areas of raising the state’s capabilities and strengthening its work system, in confronting such crimes, and strengthening the capabilities of national cadres in the areas of investigations, financial analysis, control, control and related governance. related crimes in accordance with international best practices.