The UAE has adopted a set of technical tools to address financial crime.
The announcement was made by the Executive Office to Combat Money Laundering and Terrorist Financing.
These online tools will collect and examine data, subsequently circulating it to the relevant authorities to take action when necessary.
The latest initiative is aimed at strengthening the UAE's efforts to curb illicit flows of funds, promote asset recovery, and combat all forms of transnational financial crime.
- The 'goAML' tool to submit and analyse suspicious banking reports for the authorities to take legal action
- The 'IEMS' platform to exchange messages between the Financial Information Unit, the private sector, and law enforcement entities in the UAE
- The 'Fawri Tech' programme to facilitate immediate action on financial issues related to combating the proliferation of weapons of mass destruction.
- Unified electronic customs platform to contribute in the long term to facilitating trade, travel, and controls over illicit trafficking and smuggling operations in the country
- The 'Declare' programme, which restricts the movement of cash, stones, and precious metals before and after their arrival in the country in accordance with the movement of passengers across customs borders, including land, sea, and air
In cooperation with UAE regulatory authorities, the Executive Office will strengthen national coordination by sharing information with local stakeholders to counter money laundering, terrorist financing, and arms proliferation.
The National Committee has already adopted anti-money laundering procedures and measures that must be followed by financial institutions, businesses, and non-financial professions.