As part of an intensified anti-money laundering drive led by the UAE Central Bank, officials said on Wednesday that the Emirates is planning to apply a new rule that will restrict the transfer of funds by visitors to the country.
The new measures, which to be officially adopted and activated by all banks in the country, resulted in freezing of 14 bank accounts.
Officials told the Gulf News that “such measures were meant to clean up the UAE's financial operations and would have no impact on investment or free movement of capital.”
A senior official at the Bank said that “the Central Bank has frozen 14 accounts belonging to some persons and institutions in the UAE and asked financial establishments to search for and freeze 128 accounts and investment deposits.”
Abdul Rahim Al Awadi, director of Central Bank's auditing department, was quoted by the Dubai-based paper as saying that the Bank is also working on a new system to declare funds carried by visitors to the UAE or through shipments and other couriers.
According to Al Awadi, who is also the head of the newly-created unit for combating money laundering, the new system will be implemented after discussion with customs officials.
Stiff penalties have been meted out in new anti-money laundering laws, which officials said would be updated regularly to eliminate suspect financial activities.
He said that the new transfer system stipulated that visitors to the UAE must declare funds in their possession if they are Dh40,000 ($10,900) or more for those aged 18 years or above.
Awadi’s statements were made Wednesday at a seminar organized by the Central Bank to highlight the role of the UAE's 47 commercial banks in the war against money laundering – Albawaba.com
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