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The Executive Office adopts technical regulations to counter money laundering and terrorist financing – local – others

The Executive Office for Combating Money Laundering and Terrorism Financing announced the adoption of a set of technical regulations to address financial crimes, which work to receive and collect data, examine and study them, and then circulate them to the competent authorities when needed to take the necessary measures.

These systems include the (goAML) program for submitting suspicious bank reports, analyzing them and taking legal action on them, the IEMS program for messaging between the Financial Information Unit and the private sector and law enforcement and law enforcement agencies in the country, and the “FawryTech” program that allows immediate action to be taken in what Concerning the financial issues related to combating the proliferation of weapons of mass destruction, the unified electronic platform of the “unified customs system” at the state level according to the best international standards, which will contribute in the long term to facilitating trade, economy and passenger movement, combating illegal trade and limiting smuggling operations in the country, as well as the program ” Declare, which is based on counting the movement of cash, stones and precious metals before arrival and after their arrival according to the movement of travelers across customs borders (sea, land, and air).

The Executive Office to Combat Money Laundering and Terrorist Financing, by adopting these technical regulations, hopes to strengthen the efforts made by the UAE to curb illicit flows of funds, enhance asset recovery and combat all forms of transcontinental financial crime.

The Executive Office, in cooperation with the supervisory authorities in the country, will also enhance national coordination by exchanging information with local stakeholders to counter money laundering, terrorist financing and proliferation.

The Supreme Committee for Supervising the National Strategy to Combat Money Laundering and Terrorist Financing has adopted procedures and measures, based on a proposal from the Executive Office for Countering Money Laundering and Terrorist Financing, while obliging financial institutions and non-financial businesses and professions specified in their application in relation to high-risk countries. This is considered among the initiatives of the Executive Office to counter money laundering and terrorist financing to develop the state system in this field and apply international best practices.

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