Posted in: Local News

Article Date: Aug 21, 2010 - 1:09:57 PM

http://www.yobserver.com/local-news/10019472.html

Head of Studies and Economic Media Center (SEMC), Mustafa Nassr, has assured that most of the operations through which money laundering activities are carried out are real estate trading and the transfer of money abroad through telecommunication companies. In this regard, SEMC intends to carry out an awareness campaign in combating money laundering and terrorism financing for the banks and money transferring & exchange companies in Yemen.

Moreover, the SEMC head has expressed that the center carries out field visits  to the banks and money transferring & exchange companies to distribute the latest information concerning the ways of controlling money laundering and terrorism financing as well as the supportive mechanisms in accounting and auditing works for achieving  transparency in the banking system in Yemen.

SEMC, now, is setting up all preparations, in coordination with MEPI, for the training program on tracking money laundering and terrorism financing activities in both public and private banks and money transferring & exchange companies in Yemen.

The SEMC head also called on the banks and money transferring & exchange companies to establish highly qualified units for combating money laundering and terrorism financing.

“ The banks and money transferring & exchange companies must achieve a bigger role in dealing with money laundering and terrorism financing activities and use mechanisms that are similar to those used in the branches of the foreign banks in Yemen”, said the SEMC head.

He also emphasized that banks must inform their customers of the requirements of combating money laundering and terrorism financing.

SEMC last month conducted a counseling meeting with the parliamentarians on  activating a law for combating money laundering and terrorism financing issued this month.

“The main problem of money laundering in Yemen centers around the lack of  information about combating money laundering and terrorism financing,” said the SEMC head in an exclusive statement.

He added: “ SEMC in coordination with the High Committee for Combating Money Laundering and Terrorism Financing will aim to disclose the issues of money laundering and finding a suitable environment for defining them”.