UAE launches new anti-money laundering law
FinTech UAE

Financial institutions have to register for the new UAE anti-money laundering system

A new anti-money laundering system was launched by the UAE and reporting entities are required to register by the end of this week, a UAE central bank official said at a press conference in Abu Dhabi on Sunday.

The United Nations Office on Drugs and Crime (UNODC) developed a new platform called “goAML” for the UAE Central Bank’s Financial Intelligence Unit (FIU).

Financial institutions such as banks, finance companies, and exchange houses are required to register on the platform by 27 June. The new platform will also be used by designated non-financial professions such as accountants and lawyers and law enforcement agencies.

The platform (goAML) may facilitate the receipt, analysis, and dissemination of illicit transactions and activity to law enforcement authorities in the UAE.

The UAE is the first country within the GCC to launch this platform, which was customized to the requirements of the UAE’s Anti-Money Laundering and Counter-Terrorist Financing framework according to Baalawi.

There are two other countries that have already started developing goAML in the MENA region, Hatem Fouad Aly, the UNODC representative for the GCC region told Zawya on the sidelines of the event, without disclosing which countries.

SOURCE

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