The Central Bank launched the new reporting program (GOAML), the first electronic platform at the Gulf level, to facilitate the reporting of suspicious transactions, in collaboration with the United Nations Office on Drugs and Crime.

The bank said that this comes at the initiative of the UAE as part of its efforts to develop and modernize its financial structure and address money laundering attempts and combating terrorism financing, stressing that registration at the podium is mandatory and its failure requires legal procedures and fines. The number of target parties exceeds 800 institutions and financial institutions, while the actual operation of the platform will start on June 27.

Share data

The Deputy Governor of the Central Bank, Saif Bin Hadaf Al Shamsi, said that the UAE has sought to change the current system of reporting suspicious cases, on an individual initiative and within its adopted international best practices.

He stressed that cooperation with the United Nations Office did not mean the sharing of suspicious data, information and reports, as it was purely domestic, unrelated to anyone.

He pointed out that all countries of the world cooperate with each other, and with the United Nations, to fight illegal activities, pointing out that the platform since its establishment and registration and then run later, is a true right of the UAE, not shared by anyone.

Mandatory registration

"We started the discussion with the United Nations on the platform at the initiative of the UAE in 2017, and then the actual work started in 2018, and then the registration of the various entities was opened in May 2019," said Ali Baaloui, head of the financial information unit at the Central Bank. . He added: "The platform registered 50% of the target audience of more than 800 financial institutions and institutions, while the remaining parties were invited to register before June 27, the date of actual implementation.

Baaloui confirmed that the registration at the podium is mandatory, and the failure to do so requires legal action and fines, which will be determined later on the retarded. The new platform will completely replace the old system of receiving suspicious transaction reports.

He disclosed that the FIU receives between 10,000 and 15,000 reports of suspicious transactions annually.

Baalawy added that the platform also allows individuals to report suspicious transactions through direct contact with the team, stressing that all procedures and mechanisms will be announced later.

Targets

Banks, financial institutions, exchange companies, accounting offices and various regulatory bodies from the Insurance, Securities and Commodities Authority, as well as the UAE's financial markets, the Abu Dhabi International Market, the Dubai International Financial Center and others .

He revealed that the UAE is taking precautionary measures to prevent attempts to launder money, including reducing the limit of disclosure of financial amounts with travelers to 60 thousand dirhams, compared to 100 thousand previously.

The first is Gulf

"The provision of support to financial institutions in the UAE according to the highest international standards is at the top of our objectives, The first country in the Gulf region to launch the GoAML program.

AED 38.41 billion in remittances from abroad within 3 months

Foreign remittances in the UAE reached AED 38.41 billion during the first quarter of 2019, according to the quarterly report of the Central Bank.

The figures showed that the value of remittances carried out by the UAE's exchange companies amounted to about 25 billion dirhams, while the rest of the amount was settled through the banks by the end of the first quarter of this year.

India accounted for 37.4% of total remittances, followed by Pakistan with 10.2%, the Philippines with 7.9%, Egypt with 6%, Bangladesh with 4.6%, the United States with 3.4%, and the Kingdom United States 3.3%, Jordan 2.4%, China 2.1%, and Switzerland 1.9%. Abu Dhabi and WAM

2.2% growth in the macroeconomic index during the first quarter

The non-oil quarterly composite economic growth index, compiled by the central bank, showed non-oil growth in the first quarter of 2019 at 1.6% year-on-year, while overall economic growth was strong, rising 2.2% year-on-year, And increased demand from the private sector, according to the quarterly economic report issued by the «central».

According to the report, total real GDP is expected to grow by 2%, driven by growth of 2.7% and 1.8% in the oil and non-oil sectors, respectively. Economic activity will also continue to be supported by rising public spending expected at the federal and local levels Per emirate, increased investment in Expo 2020 Dubai, and continued regional recovery.

The report also showed a decline in inflation in the consumer price index during the first quarter of 2019, as the impact of VAT has faded. Private sector employment also rebounded, rising 1.2% in the first quarter of this year.

Private sector deposits continued to rise during the first quarter of 2019. Total credit continued to grow for most economic sectors, and financial safety indicators continued to support the banking system in the UAE.

The central bank's balance sheet showed an increase during the first quarter of 2019, a reflection of increased inflows of foreign exchange inflows, which led to increased liquidity in the banking system, including holdings of commercial banks with the central bank.

In terms of oil production, the Central Bank reported that oil production in the UAE increased by 7.6% year-on-year in the first quarter of 2019, compared to an increase of 13.1% in the previous quarter, averaging 3.06 million barrels per day. Abu Dhabi and WAM