UAE: Central Bank of the UAE releases new bank anti-money laundering guidelines

The Central Bank of the United Arab Emirates said on Monday that it has issued new guidelines on anti-money laundering practices to financial institutions. This is the latest in a series of measures taken by the Gulf countries to combat illicit capital flows.

The bank said in a statement that it will require the bank to develop internal procedures and develop indicators to identify suspicious transactions and report them to the central bank’s financial intelligence department.

They also need to regularly screen their databases and transactions against the names on the government-issued lists. United Nations Security Council Or by UAE Before conducting transactions or establishing business relationships with individual and corporate clients.

The central bank said that starting from Tuesday, they have one month to prove compliance with the central bank’s requirements.

“The guideline aims to promote the understanding and effective implementation of licensed financial institutions’ statutory anti-money laundering and combating terrorist financing obligations,” it said.

In February, the UAE government established an anti-money laundering and counter-terrorism financing enforcement office, and last month Dubai established a money laundering court.

this Financial Action Task ForceThe intergovernmental anti-money laundering supervisory agency said last year that “fundamental and major improvements” are needed to avoid placing the UAE on the “grey list” of countries that strengthen oversight.

According to a study earlier this year, the country has become one of the fastest growing corporate tax havens. Tax Justice Network, Which documents the countries that attract companies seeking to reduce their tax bills.