As against the 1,036 notifications of money laundering received last year, the Financial Intelligence Unit has recorded a 63 percent increase in notifications of money laundering and terror financing during the 2018/2019 fiscal year. According to AL-Rai daily, the increase is associated with the awareness of officials who are responsible for fighting money-laundering.
The source noted that the FIU has asked local banks to provide detailed reports of every transaction involving non-Arab person living in UAE for 6 months (Jan – June). This will help the agency to identify agents/individuals with connections with money-laundering, terrorist financing, and all forms of illegal transactions.
However, the report has it that the Ministry of Commerce and Industry informed the corporate sector management to disagree to any license to open new branches of exchange companies or make amendments on its funding contracts until approval of the Central Bank of Kuwait.