UAE to reinforce money declaration rules

19 Jun 2011

(MENAFN) UAE’s Central Bank Governor, Sultan Nasser Al-Suweidi, said that as part of the country’s efforts to enhance monitoring of suspicious cash flows, starting September, the country would demand those who would leave it to declare large amounts of money, reported Arabian Business.

Al-Suweidi added that in order to deal with money laundering and to fight terrorist financing so that it would protect its institutions from reputation risk, the UAE formed a strong legal regulatory and institutional framework to aid the country in its plans, since the regulation which used recently was applied on arriving passengers only.

He also said that since the September attacks, ten years ago, Dubai started fighting a reputation as a sanctuary for money laundering, showing how much easy it was to move money through the city.

It is worth noting that the Central Bank is lifting up the requirement to declare cash and bearer instruments like cheques to USD27,230 or the equivalent in foreign currencies, from USD10,888.

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