Top Menu

  • Home
  • Write For Us
  • Live Rates

Main Menu

  • Money Exchange
  • Career Advice
  • Home Decor
  • Global News
  • Business
  • Trading
  • Technology
  • Media
  • Home
  • Write For Us
  • Live Rates

logo

Header Banner

  • Money Exchange
  • Career Advice
  • Home Decor
  • Global News
  • Business
  • Trading
  • Technology
  • Media
  • FinTech Abu Dhabi Festival 2020 kicks off today

  • UAE allows 100% ownership of businesses for foreign nationals starting from December 1, 2020

  • Two men caught leaving London for Dubai with cash-filled suitcases

  • Rupee becomes 3rd best Asian currency

  • Ten caught for Money Exchange shop robberies

Money Exchange NewsUAE News
Home›Money Exchange News›UAE makes it mandatory for Hawala service providers to register

UAE makes it mandatory for Hawala service providers to register

By Money Exchange News
September 2, 2020
133
0
Share:
hawala money laundering
Hawala, or hundi, is an unofficial and informal channel to transfer money mainly used among South Asians.

The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday.

The announcement was made following the sixth meeting of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations (NAMLCFTC) in Abu Dhabi on Monday.

Hawala, or hundi, is an unofficial and informal channel to transfer money mainly used among South Asians whereby they give money to agents who then instruct their associates in the country to deliver it to the customer’s house. With UAE being a one of the major markets for remittances, regulating this informal industry will help monitor money-laundering and counter terror funding. 

Chaired by Abdulhamid M. Saeed Alahmadi, governor of the UAE Central Bank and chairman of the committee, the meeting also discussed technology assistance and capacity building both in terms of human and financial resources to further strengthen the country’s ability to implement targeted financial sanctions relating to the prevention and suppression of terrorist financing.

It also discussed proactive cooperation with countries that share commitment in implementing the strategy of combating money laundering and the financing of illegal organisations. In order to create an awareness about financial crimes that threaten the security and stability of the country, a new website has been developed to assist strategic partners and stakeholders in complying with international-standard reporting measures.

In addition, the committee also discussed the recent achievements of the UAE Financial Intelligence Unit (FIU), an independent unit that investigates suspicious transactions that potentially involve money laundering, terrorism financing and similar criminal activities, underpinned by proactive collaboration with relevant national and international authorities and financial services institutions.

The FIU will launch a new brand identity and a dedicated website, reflecting its commitment to further promote anti-money laundering and counter finance terrorism and enhance transparency with international counterparts.

Tagsanti-money laundering UAECBUcentral bank of uaefatfhawala bankinghawala money launderinghawala systemhawala system terrorisminterpol hawalais hawala legalUAE Financial Intelligence Unit (FIU)
Previous Article

Sharaf Exchange on active expansion mode with ...

Next Article

Emirates NBD, DMCC partner to ease payment ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Money Exchange News

Money Exchange News Website is a fantastic platform for all our readers as we provide them with an ample of valuable information over a plethora of worldwide topics. It is a real honour for us to publish important news and current updates over matters like Business, Travel, Career Advice, Trading, Investment, Visa Rules, Health Tips and much more.

Related articles More from author

  • combating money laundering and terrorism financing
    MediaUAE News

    UAE makes progress in combating money laundering and terrorism financing

    September 1, 2020
    By Money Exchange News
  • central bank of uae news
    MediaMoney Exchange NewsUAE News

    Central Bank of UAE sets December 2, 2020 deadline for registration of all Hawala providers

    November 14, 2020
    By Money Exchange News
  • combating money laundering and terrorism financing
    BusinessMoney Exchange NewsUAE News

    New smart system ‘Fawri Tick ’ to combat illegal financing

    September 8, 2020
    By Money Exchange News
  • central bank of uae contact number,
    BusinessCoronavirusUAE News

    UAE Central Bank Unveils More Measures To Shore Up Banks

    January 6, 2021
    By Money Exchange News
  • UAE Visa Fines
    UAE NewsUAE Visa Rules

    COVID-19: How to change Visit Visa status without exiting the UAE

    December 23, 2020
    By Money Exchange News
  • Top 20 Money Exchange Companies In UAE
    Money Exchange NewsUAE News

    Is it the Time to Remit? How Indian, Pakistani currencies will fare in 2021

    December 21, 2020
    By Money Exchange News

Leave a reply Cancel reply

You may interested

  • asphalt driveway sealing
    BusinessConstructions

    2 Proven Ways To Extend The life Of Your Driveways

  • Trading

    Lights hath may cattle first had blessed god bearing bearing

  • 5-year retirement visa uae
    UAE NewsUAE Visa Rules

    5-year Residence Visa: Great News for Expats Retiring

Recent Posts

  • Retirement Plans: 4 Tips For a Successful Retirement
  • What is Employee Recognition? And Reasons why it is Important
  • Covid Vaccine: Health worker dies a day after taking jab in UP
  • Tips to Retrieve Lost Password from Outlook Protected PST Files
  • How to Choose the Right SEO Company for Your Business

About us

Money Exchange News Website is a fantastic platform for all our readers as we provide them with an ample of valuable information over a plethora of worldwide topics. It is a real honour for us to publish important news and current updates over matters like Business, Travel, Career Advice, Trading, Investment, Visa Rules, Health Tips and much more...
Fully Managed WordPress Hosting on SSD Drive
  • Recent

  • Popular

  • Comments

  • Retirement Plans: 4 Tips For A Successful Retirement

    Retirement Plans: 4 Tips For a Successful Retirement

    By Money Exchange News
    January 21, 2021
  • Employee Recognition? And Reasons Why It Is Important

    What is Employee Recognition? And Reasons why it is Important

    By Money Exchange News
    January 19, 2021
  • Retirement Plans: 4 Tips For A Successful Retirement

    Retirement Plans: 4 Tips For a Successful Retirement

    By Money Exchange News
    January 21, 2021
  • Lights hath may cattle first had blessed god bearing bearing

    By Money Exchange News
    July 16, 2015
  • Home
  • Write For Us
  • Live Rates
© Copyright General News Blog. All rights reserved.