UAE Works on Anti-Money Laundering Law, Issues Commemorative Silver Coin
As UAE Central Bank officials gear up to issue a new law aimed at countering aspiring money launderers, the institution is also preparing to mark the silver jubilee of the Arab Bank for Investment and Foreign Trade on Saturday by issuing a Dh50 commemorative silver coin.
The central bank governor is putting the final touches on the anti-money laundering law that will be issued before the end of the year. Work on the law has bumped the UAE´s new banking law to the back seat.
While international cooperation is required in combating money laundering, all active banking centers are vulnerable to money laundering, said UAE Central Bank Governor Sultan bin Nasser Al Suweidi.
Suweidi was quoted by the Dubai Press Club as saying that "the new banking law will take a back seat as we are busy with the anti-money laundering law which is in the final stage. It will definitely be issued by this year's end."
As for the commemorative coin, the country's name is written on it in both Arabic and English, said the Gulf News.
Abdul Rahim Abdulla, the bank's chief supervisor in the public relations division, told the Dubai-based paper that “the denomination is on the face of the coin, while the back has the occasion's logo.”
The coin is 40mm in diameter, weighs 40gm and is made of 92.5 percent silver and 7.5 percent copper.
The commemorative coin is available at the Arab Bank for Investment and Foreign Trade. It is being sold at its face value plus Dh11 as a nominal premium, he added – Albawaba.com
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