UAE seeks stricter banking laws


DUBAI – The United Arab Emirates is looking for tougher banking laws and legislation in its bid to fight terrorism and other crimes carried out by organized syndicates.

That’s the main discussion in a recent meeting between banking and criminal investigations experts in Abu Dhabi, with UAE becoming target of organized syndicates owing to its dramatic progress that’s benefitting both its citizens and the thousands of expats working there.

The experts, according to Khaleej Times reports, are specifically calling for strict legislation that will weaken crimes and terrorists activities, particularly when it comes to money laundering and aiding finance to terror organizations.

Financial crimes

The meeting, which was actually a UAE-UK joint conference, also focused on financial crimes and recovery of the proceeds of crimes at the Central Bank of the UAE.

Experts also discussed the various issues that reveal the relationship between criminals and banking, as well as money laundering and the way banks operating in UAE are combating terrorist finance.

Mark Sedwill, UK Permanent Secretary, highlighted that international cooperation is key when it comes to weakening terrorist finances and activities.

Online terrorism

“This is an important pillar for defending national security. It is important that we approach the link between terrorism and online,” added Sedwill, who previously served as a United Nation’s Weapons Inspector.

He pointed out that criminals often use people, particularly their families, to smuggle money across borders, and thus combating such activities requires strong global relations.

“When we deal with organized crime, it’s crucial we disable the money laundering,” Sedwill said, “and legislations are required to disrupt terrorist movements and their financial institutions.”