Dubai: The UAE Central Bank has launched a campaign to raise community awareness about laws and standards for remittances. It aims to ensure transparency and integrity of transactions through registered ‘Hawala providers’. The authorities are also working to enhance efforts to combat money laundering and related crimes.
"The Central Bank launched the hawala providers registration system with the aim of ensuring transparency, integrity and financial governance in transactions executed through hawala providers registered with us,” said Khaled Mohamed Balama, Governor of the Central Bank of the UAE. “And to put in place measures to counter money laundering and combat the financing of terrorism, and to protect the UAE's financial system."
"The Central Bank will ensure that all outgoing financial transactions from the UAE are compatible with the systems included in the Registered Hawala Providers Regulations." Ministries, agencies and institutions are ‘striving to support the efforts of the Supreme Committee overseeing the national strategy to counter money laundering and terrorist financing’.
“The ministry has achieved positive and tangible results through well-prepared operations and proactive, preventive and executive plans, based on studying the patterns and trends of these crimes,” said Brig. Gen. Abdulaziz Al Ahmad, Deputy Director-General of the Federal Criminal Police at the Ministry of Interior. "These operations track them down and monitor and analyse suspicious activities, leading to the arrest of the perpetrators, bringing them to justice, and cutting off their sources of funding with cross-border cooperation and coordination."
