UAE launches UN-developed anti-money laundering platform

WAM

The UAE has become the first country in the Gulf region to launch a UN-backed reporting platform to tackle organised crime.

The anti-money laundering programme called 'goAML' has been developed by the United Nations Office on Drugs and Crime (UNODC).

It went live in May, and it’s mandatory for banks, insurance companies, money exchange centres and all other financial entities supervised by the UAE Central Bank to register on this system by June 27.

Of around 900 institutions that are required to sign up, 50 per cent have already registered.

The UAE’s Financial Intelligence Unit will use the platform to gather data submitted by reporting entities, which is then analysed and handed over to law enforcement authorities.

More from Business

Coming Up on Dubai Eye

  • Nights on Dubai Eye 103.8

    10:00pm - 6:00am

    Dubai Eye complements the conversation with the music you love from the eighties, nineties and newer.

  • The Business Breakfast

    6:00am - 11:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!