December 27, 2010

http://gulftoday.ae/portal/2c9afd4b-fcdd-4f03-acfb-2a8b0ae42976.aspx

THE Dubai Police General Headquarters  signed a Memorandum of Understanding (MoU) with the Central Bank of the UAE on Sunday regarding exchange of information related to suspicious cases of money laundering and terrorist financing.

The MoU puts a mechanism to facilitate the exchange of information between the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) at the Central Bank of the UAE and the Dubai Police General Headquarters about the suspicious cases related to money laundering and terrorist financing.

The MoU is aimed at strengthening co-operation in the areas of staff training and technical assistance. Establishing close liaison and effective communication between AMLSCU and the Dubai Police to facilitate exchange of information is under the framework of MoU.

Commander-in-Chief of the Dubai Police, Lieutenant General Dhahi Khalfan Tamim signed the MoU on behalf of the Dubai Police and Central Bank Governor, Sultan Bin Nasser Al Suwaidi on behalf of the Central Bank of the UAE.

“The agreement will pave the way to facilitate collection of evidence and investigation of activities related to money laundering and terrorist financing,” said Lt. Gen Dhahi Khalfan.

Al Suwaidi said combating such crimes required co-ordination and co-operation between all concerned parties. There is a need for join efforts to put up a strong fight against dirty money and minimising its risks to the UAE’s financial system.

“The UAE is co-operating with the the FATF member nations to protect the financial systems from the dangers and negative effects of money laundering and terrorism financing,” he added.

Executive Director and Head of AMLSCU, Abdulrahim Mohamed Al Awadi said that “New technologies and products have brought with them new challenges as well. The UAE has joined the international community in its fight against such crimes by implementing the UN Security Council resolutions.”

“It also implemented the FATF’s 40 recommendations to root out money laundering along with 9-special recommendations on terrorism financing,” he said.

It is worth noting that the Dubai Police recorded 16 money laundering cases in 2010 compared to nine cases in 2009.