Tighter financial regulation expected

The Central Bank of UAE on 23 June 2008 announced its plans to introduce strict regulations to prevent money laundering. According to this new regulation, dealers in gold, gems and other commodities would be imposed the same restrictions as banks and other financial institutions. The new measures are expected to reduce the amount of money remitted without giving proof of identity and address. The changes in the regulation has been carried following the recommendation of the Middle East and North Africa Financial Action Task Force (MENAFATF), which conducted a study on UAE’s financial system.

Head of the anti-money laundering and suspicious cases unit at the Central Bank, Abdulrahim Mohamed al Awadi said that implementation of highest standards of control and transparency in the financial sector is for the benefit of UAE’s economic and political interests.