AMLSCUAnti-Money Laundering and Suspicious Cases Unit (Central Bank of the United Arab Emirates)
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AMLSCU, since 2000, has conducted training and provided technical assistance at 1,086 events benefiting around 15,500 persons representing banks, other financial institutions, designated non-financial businesses and professions (DNFBPs), supervisory and law enforcement authorities, Ministries, counterpart FIUs and other domestic and foreign stakeholders reflecting AMLSCU's focus on training, capacity building for national, regional and international levels.
The AMLSCU is a special unit of the CBUAE established for investigating fraud and suspicious transactions in the UAE.
The MoU was signed by Mr Paul Koster, Chief Executive of the DFSA, and Mr Abdulrahim Mohamed Al Awadi, Assistant Executive Director of the CBUAE and Head of the AMLSCU.
The UAE should increase the capacity and resources it devotes to investigating ML/TF both federally at the AMLSCU and at emirate-level law enforcement.
Law enforcement and customs officials should proactively develop cases based on investigations, rather than wait for STR-based case referrals from the AMLSCU.
The AMLSCU emphasises that donations made to charitable organisations which are not licensed and registered by the competent authorities in the UAE may be exposed to fraud and/or otherwise misused," the Central Bank statement warned.
The MoU was signed by Abdul Rahim Mohammed Al Awadi, executive director and head of Ant-Money Laundering and Suspicious Cases Unit, or AMLSCU, on behalf of Central Bank Chairman Sultan bin Nasser Al Suwaidi, who is Chairman of the National Anti-Money Laundering Committee, and Dr Jean Claude Razaranaina, director general of the Financial Intelligence Unit of Madagascar.
Also Abdulrahim Mohamed Al Awadi, Executive Director and Head of AMLSCU, chaired the meeting with the JAFIC delegation, also attended by some senior AMLSCU staff, and discussed issues of mutual interest including discussing the MoU which will be signed in the future to facilitate exchange of financial information and to enhance cooperation between the two FIUs.
With the signing of this Memorandum of Understanding (MOU), the total number of MOUs signed by AMLSCU reached 45, (37) with counterparts in foreign countries and eight with domestic strategic partners.
Separately, yesterday, Memoranda of Understanding (MoU) were signed between AMLSCU of the UAE and the Dubai Multi Commodities Exchange and Dubai Gold and Commodities Exchange.
The rise in suspicious transactions reports does not necessarily mean more funds transfer, maybe it is only an attempt to submit forged documents or false claim or another such thing," said Abdul Rahim Al Awadhi, the Executive Director and Head of Anti-Money Laundering & Suspicious Cases Unit, or AMLSCU, of the UAE, while speaking to reporters on the sidelines of the one day workshop on UN Security Council's Reporting requirements in matters relating to Anti-Money Laundering.
The UAE should increase the capacity and resources it devotes to investigation of AML/CFT both federally at the AMLSCU and at emirate-level law enforcement.