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Reports of dubious deals soar last year.

Number of suspicious cases 132% higher

Abu Dhabi Detection and reporting of suspicious transactions in the UAE jumped 132 per cent in 2010 compared to 2008 figures, Abdul Rahim Mohammad Al Awadi, executive director and head of Anti-Money Laundering and Suspicious Cases Unit said here yesterday.

"In 2010, 2,711 suspicious transactions were reported in the UAE, while in 2008 the number of reported suspicious transactions was 1,170," Al Awadi told reporters at a media briefing at the UAE Central Bank.

In 2009, 1,750 such transactions were reported, he added.

"We have received until now 588 applications from Hawaldars (hawala operators)," he said.

"Of them, 308 are registered with the Central Bank. The others have to fulfil the requirements before they can register and do business," said Al Awadi.

Separately, at a workshop for insurance companies and brokers, Al Awadi said the basic aim of any AML-CFT regime (Anti-Money Laundering -- Combating the Financing of Terrorism) was to protect the economy from criminal and illicit funds.

Safe and secure

The AML law had obligated the reporting requirements in relation to any suspicious transactions to banks, other financial, commercial and economic entities which includes insurance companies and brokers, he said.

"I would like to reiterate that the UAE financial system is safe, sound and secure," Al Awadi added.

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Publication:Gulf News (United Arab Emirates)
Date:Feb 1, 2011
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