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Executive Office Adopts Technical Tools To Counter Money Laundering And Terrorist Financing
(25 March 2021)

 

The Executive Office to Combat Money Laundering and Terrorist Financing in the UAE has announced the adoption of a set of technical tools to address financial crime. These tools receive, collect, and examine data, subsequently circulating it to the relevant authorities to take action when necessary.

These tools include the "goAML" tool to submit and analyse suspicious banking reports for the authorities to take legal action; the "IEMS" platform to exchange messages between the Financial Information Unit, the private sector, and law enforcement entities in the UAE; and the "Fawri Tech" programme to facilitate immediate action on financial issues related to combating the proliferation of weapons of mass destruction.

The tools also include the unified electronic customs platform to contribute in the long term to facilitating trade, travel, and controls over illicit trafficking and smuggling operations in the country; and the "Declare" programme, which restricts the movement of cash, stones, and precious metals before and after their arrival in the country in accordance with the movement of passengers across customs borders, including land, sea, and air.

Through the adoption of these technical controls, the Executive Office hopes to strengthen the UAE's efforts to curb illicit flows of funds, promote asset recovery, and combat all forms of transnational financial crime.

The Executive Office, in cooperation with UAE regulatory authorities, will strengthen national coordination by sharing information with local stakeholders to counter money laundering, terrorist financing, and arms proliferation.

The National Committee has adopted procedures and measures on the proposal of the Executive Office to Combat Money Laundering and Terrorist Financing while requiring financial institutions, businesses, and non-financial professions to adopt these measures, particularly concerning high-risk countries.

This is one of the initiatives of the Office to develop the national system in this area and apply international best practices.



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