Audit firms in the UAE to fight money laundering

The UAE Ministry of Economy and Commerce aims to ally with the Central Bank and other relevant national organizations to combat money laundering and other financial crimes.

According to ministry officials, the ministry has informed the Central Bank of such procedures, which require all auditing firms to support the fight against money laundering by reporting any suspected financial operation.

The ministry is expected to begin implementing such measures once it receives approval from the Central Bank, along with other agencies, which drafted the federal anti-money laundering law and is leading the fight against such unlawful acts.

The move came after the ministry took steps to combat money laundering in the insurance industry, and authorities suggested more will be done in the future.

In the UAE, a large number of local and international auditing organizations oversee the financial results of the country’s 47 banks and key corporations.

Since enacting a law last year making money laundering a serious felony, the UAE has ramped up its anti-money laundering operation. Several bank accounts have been closed, while others have been on a blacklist.

Given the importance of audit companies in financial operations, experts believe the ministry’s move will give that effort a big boost.

Officials from the Central Bank announced last month that they will soon expand the effort to include visitors by instituting a declaration system that would apply to anyone carrying at least Dh40,000 ($10,900) in cash or jewelry of comparable worth.

In January, President His Highness Sheikh Zayed bin Sultan Al Nahyan ratified an anti-money laundering law that established a special unit at the Central Bank to coordinate anti-money laundering efforts with the Ministry of Interior and other parties.

Source : Gulf News