Dubai: The UAE's Executive Office to Combat Money Laundering and Terrorist Financing is adopting a set of technical tools to take on financial crimes. These will help it collect and examine data and subsequently share it with relevant authorities to take action when necessary.
These include the 'goAML' tool to submit and analyse suspicious banking reports for authorities to take legal action. There is also 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 proliferation of weapons of mass destruction.
The tools also include a unified e-customs platform to contribute in the long term to controlling illicit trafficking and smuggling operations in the country. And the 'Declare' programme, which restricts the movement of cash, precious stones precious metals before and after their arrival in the country in accordance with the movement of passengers across customs borders.
All out effort
The Executive Office thus hopes to strengthen the UAE's efforts to curb illicit flows of funds, promote asset recovery, and combat all forms of transnational financial crime. It 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 on these proposals, while requiring financial institutions, businesses, and non-financial professions to adopt these measures, particularly in relation to high-risk countries.