3 November 2010

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ABU DHABI - A high-level government panel on anti-money laundering on Tuesday discussed a new regulation on the declaration of cash by passengers at the customs counters when arriving or leaving the country.

The National Anti-Money Laundering Committee, which is headed by UAE Central Bank Governor, met here in the capital to discuss matters relating to the drive against money laundering. The regulations regarding the declaration of cash and bearer negotiable instruments was issued through a resolution by the Central Bank’s Board of Directors on October 5, 2010, in order to meet the requirements of the Mutual Evaluation Report prepared by the team of experts from the IMF and the World Bank, under the Financial Sector Assessment Programme.

The panel discussed the table of requirements of the Mutual Evaluation Report in terms of proposed amendments to Federal Law No (4) of 2002 regarding Criminalisation of Money-Laundering, as well as regulations implemented at other Regulatory Authorities and Commercial Licencing Authorities in relation to business activities, a statement issued by the Central Bank said.

The committee also discussed a brief verbal report on UN Security Council Resolution No. 1929 of 2010, under which additional economic sanctions were introduced against Iran for pursuing a nuclear programme.