UAE, Oman Planning Money Laundering Clamp
The UAE and Oman will enact anti-money laundering laws by the end of 2001 after cooperating on the details, the governors of their central banks said Saturday.
"It will definitely be issued by this year end," said the UAE's Sultan bin Nasser Al Suwaidi after a meeting of Arab Central Banks in the UAE capital, according to the Gulf Daily News.
The legislation would focus on a definition of money-laundering, penalties, international co-operation and international legal issues, he said.
However Suwaidi added: "It is not very easy to combat money laundering. You need to know the transferring party and the origin of the money. Often you can see only one link." Oman's Hamood Sangur Al Zadajali said Muscat would enforce the new law by the end of the year and that the two neighbors had cooperated during drafting.
He denied money laundering was widespread in the Gulf.
Bankers say the GCC states are particularly vulnerable to money laundering because they host large foreign communities, making the movement of capital hard to control – Albawaba.com
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