Declaration of cash on arrival rules reviewed

The National Anti-Money Laundering Committee (NAMLC) held its 2nd meeting for the year on Tuesday at Central Bank of the UAE Head Office in Abu Dhabi.

The committee reviewed the table of requirements of the Mutual Evaluation Report prepared by a team of experts from the IMF/WB, under the Financial Sector Assessment Program (FSAP), in terms of proposed amendments to Federal Law No (4) of 2002 regarding Criminalisation of Money-Laundering, and also regulations implemented at other Regulatory Authorities and Commercial Licensing Authorities in relation to business activities.   

It reviewed the regulations regarding declaration of cash and bearer negotiable instruments carried by travelers arriving to UAE and departing, issued through a resolution by the Central Bank's Board of Directors on October 5, 2010, for the purpose of meeting the requirements of the Mutual Evaluation Report.    

It received a brief verbal report on UN Security Council Resolution No 1929 of 2010 and on the first Plenary     Meeting of FATF (and its working groups) in its 22nd session.

NAMLC was chaired by the Governor of Central Bank who is also Chairman of the NAMLC, and attended by  representatives from the Central Bank, Ministry of Interior, Abu Dhabi Police General Headquarters, Dubai Police General Headquarters, State Security Authority, Ministry of Justice, Ministry of Finance, Federal Customs Authority, Securities & Commodities Authority, Federation of UAE Chambers of Commerce & Industry,   Economic Development Department in Abu Dhabi, Economic Development Department in Dubai, Insurance Authority, Dubai Financial Services Authority, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Emirates NBD, Mashreq Bank, Al Ansari Exchange, UAE Exchange Centre, and Al Rostamani International Exchange.

It last met on February 7, 2010.

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