Anti-Money Laundering Reporting Platform Launched in UAE

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The UAE has become the first country in the Gulf to launch a new reporting platform developed by the United Nations Office on Drugs and Crime (UNODC) to curb organized crimes.

The new anti-money laundering system platform named ‘goAML’ already went live in May and all financial entities being supervised by the UAE Central Bank have to register on this system by 27th of June 2019, the UAE Central Bank officials announced in Abu Dhabi.

The UAE’s Financial Intelligence Unit will use the platform to gather and analyze intelligence submitted by reporting entities, which then analyzed and disseminated to law enforcement authorities. The officials said that all the financial entities being supervised by the Central Bank, such as banks, insurance companies and money exchange centers have to register before the deadline.

© Copyright Emirates News Agency (WAM) 2019.