UAE restricts money transfers in fight against money laundering
Emirati authorities are clamping down on suspicious financial accounts in response to evidence that the majority of funds used to carry out the September 11 attacks on the United States were transferred from bank accounts in the United Arab Emirate (UAE).
The Governor of the UAE Central Bank, Sultan Bin Nasser Al-Suweidy, said that Emirati authorities froze bank accounts belonging to 14 individuals and companies whose names were listed by the Americans as terror-related, Al-Hayat reported.
As of February, all visitors entering the Emirates carrying more than 40,000 Emirati dirhams ($11,000) will be required to declare to customs the funds’ source, reported Gulf News. The ministry of economy has asked insurance companies to notify authorities of any irregular transactions. Insurance companies were also warned against issuing life insurance and savings policies under false names. — (menareport.com)
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