The governor of the Emirates Central Bank, Sultan Al Suweidy, has scoffed at rumors that money-laundering activities are still taking place in the local banking sector, reports Al Hayat.
Suweidy said the accusations had no factual basis, and that all the banking transactions in the UAE were legal and proper.
In 1998, a US State Department report on money laundering, described the UAE as a "primary concern," with the country scoring highest in three categories in the report’s assessment of those states most vulnerable to laundering and the effectiveness of their government’s actions.
Also in 1998, the UAE was one of the signatories to the United Nations’ Vienna Convention, which required it to pass a law against money laundering. The law that eventually was passed proposed punishments ranging from five years to 15 years imprisonment and fines of at least 100,000 dirhams. — (MENA Report)
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