UAE launches UN-developed anti-money laundering platform - GulfToday

UAE launches UN-developed anti-money laundering platform

  • 23 Jun 2019
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Officials during the launch of anti-money laundering platform. WAM

The UAE has become the first country in the Gulf to launch a new reporting platform developed by the United Nations Office on Drugs and Crime (UNODC), to curb organised crimes.

The new anti-money laundering system platform named 'goAML' already went live in May and all financial entities being supervised by the UAE Central Bank have to register on this system by 27th June, the UAE Central Bank officials announced on Sunday in Abu Dhabi.

Of around 900 entities that are required to register on the platform, 50 percent of them have already registered, the officials added at a press conference.

The UAE’s Financial Intelligence Unit will use the platform to gather and analyse intelligence submitted by reporting entities, which then analysed and disseminated to law enforcement authorities.

The officials said that all the financial entities being supervised by the Central Bank, such as banks, insurance companies and money exchange centres have to register before the deadline.

WAM

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