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Mon 23 Jun 2008 10:51 AM

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UAE to tighten anti-money laundering controls

UAE central banks notifies banks, exchange houses of 13 new regulations.

The UAE will implement stricter anti-money laundering controls, in a bid to meet international standards of financial compliance.

The central bank last week notified banks and exchange houses of the 13 new regulations updating the UAE's anti-money laundering operations, UK daily The Financial Times (FT) reported on Sunday.

The UAE is seeking to improve financial compliance procedures, particularly in the wake of the New York September 11 attacks which revealed terrorists were using the UAE, especially Dubai, as a financial and logistics hub.

The new measures, expected to be announced later this week, require banks to carry out more due diligence on prospective customers - practices already carried out by international banks in the UAE but which are still ignored by some local and regional institutions, the newspaper said.

The new regulations include five amendments to the original 2000 law, the FT said.

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