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UAE: Central Bank Issues Guidelines on Money Laundering

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

108

Central bank, money laundering

The CBUAE, or the Central Bank of UAE, has come up with new guidelines on monitoring and sanctions with respect to Licensed Financial Institutions (LFIs) to prevent Money Laundering. This also aims at mandating enhances transaction monitoring by the individual financial institutions. These will be used by regulated financial institutions to ensure that they are complying with anti-money laundering and counter-terrorist financing (AML/CFT) standards. To file suspicious transaction and activity reports to the UAE's Financial Intelligence Unit, LFIs must implement indicators to identify suspicious transactions and activities. In addition, before making any transaction with any client, LFIs must screen their transactions against names on lists published by the United Nations Security Council and its related Committees (UN Consolidated List) or the UAE Cabinet (UAE Local Terrorist List). This too comes as part of UAE’s efforts towards building a robust Anti-Money Laundering regime within the country. The Emirate of Dubai had decided to set up courts dedicated to Money Laundering cases as well.

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