The UAE Central Bank Governor, Sultan Bin Nasser Al Suwaidi, called recently for increased cooperation amongst nations to help stop terrorist financing and money laundering. Suwaidi made the announcement at a conference on Investigating and Prosecuting Advanced Financial Crimes, stressing that it was up to business and government leaders and their "determination" to fight such activity.
"Effective cooperation and communication between banks, other financial institutions, the banking supervisory authority, the law enforcement agencies and prosecutors should be enhanced," he said.
Suwaidi stated that international cooperation based on bilateral or multilateral treaties would ensure the exhange of necessary information to stop such activity and aid investigation processes.
"Each state should ratify the relevant international conventions, enact appropriate anti-money laundering and terrorist financing laws and devise systems for implementation of legislation," Suwaidi added, according to Gulf News.
The governor also stressed the role of Financial Action Task Force and the Middle East North Africa Financial Action Task Force, saying cooperation should be boosted between financial intelligence units, law enforcement agencies and prosecutors of various nations.
