The UAE is preparing to issue a money laundering law within three months, Central Bank Governor Sultan bin Nasser Al Suwaidi was quoted by the daily Gulf News as saying Saturday.
"The law will target three categories - individuals and institutions indulging in money laundering; those who withhold information or refuse to cooperate in fighting the menace; and those who know or suspect they are helping launder dirty money," he said.
The governor’s remarks came during his participation at the fifth Gulf Cooperation Council Banking Conference, which began Thursday in Manama, with a series of workshops discussing the future of banking, said the daily.
Al Suwaidi said the focus is on e-banking.
"Keeping in mind this is the future of banking, the Central Bank is also planning to help small national banks with limited resources introduce Internet banking services for their customers," he said.
The Central Bank is working to set up a platform for such banks, and the first phase, entailing an outlay of Dh30 million (approximately $9m), will be completed within six months, the official told the daily – Albawaba.com
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