10 December 2010

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ABU DHABI — A high-level government body on anti-money laundering at its meeting on Thursday reviewed the work plan regarding amendments to Federal Law No.(4) of 2002 on Criminalisation of Money Laundering.

The National Anti-Money laundering Committee, which met under the chairmanship of Sultan Nasser bin Al Suwaidi, Governor of Central Bank of the UAE, also reviewed the regulations implemented at Regulatory Authorities, Commercial Licensing Authorities in relation to business activities, and Law Enforcement and 
Judicial Authorities.

Other item on the agenda was the Hawala Regulation System (Hawaladars), issued by Central Bank on April 1, 2003.

The committee provides comments and legal opinion on Draft of Arab Strategy on Combating Money Laundering and Terrorism Financing, says a statement from the Central bank of the UAE. The National Anti-Money Laundering Committee or NAMLC also reviewed reports regarding 2nd MENAFATF Financial Intelligence Units Forum which was held on 28 November in Doha, along with  11th MENAFATF Technical Assistance & Typologies Working Group Meeting (TATWG).

The meeting also reviewed reports on 14th MENAFATF Mutual Evaluation Working Group Meeting (MEWG),  and 12th Middle East and North Africa Financial Action Task Force (MENAFATF) plenary meeting.

Also came under discussion was the second follow-up report of the UAE which was submitted in the 12th plenary meeting of MENAFATF on earlier this month in Doha.

The UAE presented its reports on Mutual Evaluation Report relating to Laws, regulations implemented to encounter Money Laundering and combating Terrorism Financing.

The NAMLC meeting was attended by representatives from the Central Bank, Ministry of Interior, Dubai Police General Headquarters, State Security Authority, Ministry of Justice, Ministry of Economy.

Officials from the Federal Customs Authority, Securities & Commodities Authority, Federation of UAE Chambers of Commerce & Industry,   Economic Development Department in Abu Dhabi, Economic Development Department in Dubai,  Dubai Financial Services Authority also attended the meeting along with representatives from National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Mashreq Bank, Al Ansari Exchange, and Al Rostamani International Exchange.