New system to curb money laundering in UAE

48

June 23 2019

All financial institutions in the country have to now report any suspicious transactions through “goAML” (Anti-Money Laundering), a newly UN-developed platform, the Central Bank of the UAE announced on Sunday.

The launch of the platform at the Central Bank’s headquarters in Abu Dhabi makes the UAE the first country in the Gulf region to go live with the system developed by the United Nations Office on Drugs and Crime. It aims to step up intelligence, identify complex, organised criminal activities and curb them.