FawryTech is the latest smart system issued by the Central Bank to confront money laundering and combat terrorist financing in the country

The National Committee for Combating Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations announced during its sixth meeting the launch of the smart "FawryTech" system, which was developed by the Federal Authority for Nuclear Regulation under the supervision and management of the Technical Subcommittee that includes members from the National Committee as well as the Federal Authority for Nuclear Regulation. .

FawryTech was developed in line with the requirements of the Financial Action Task Force and relevant Security Council resolutions to take immediate action on illicit financing.

The "FawryTech" system is a unified window that collects issues related to money laundering and terrorist financing from various federal and local authorities and works to facilitate communication between all parties with the aim of accelerating the taking of actions and decisions within a short time frame.

Commenting on this, the Governor of the Central Bank of the United Arab Emirates and Chairman of the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations, Abdul Hamid Muhammad Saeed Al-Ahmadi, said: The launch of the "FawryTech" system comes as a confirmation and commitment to our efforts to implement the national strategy to counter money laundering and combat terrorist financing, This system will enable the UAE to implement strict measures that will respond quickly to reduce and eliminate financial crimes in a timely manner.  

The state affirms its full commitment to adopting the best technological means in dealing with the threats of money laundering and terrorist financing crimes.

The Director General of the Federal Authority for Nuclear Regulation, Christer Viktorsen, added: “The launch of the smart“ FawryTech ”system was an important achievement in the UAE within the framework of its efforts to combat money laundering and eliminate sources of terrorist financing. Financing terrorism, financing illegal organizations and financing the proliferation of armaments, working with partners from federal and local authorities to develop this system The Authority has employed its functions as a watchdog and its innovative technologies in cooperation with national partners who are members of the Subcommittee in designing this system to provide accurate information and take the necessary measures in a timely manner .

This cooperation is considered a matter of great importance for the authority to achieve the country's goals in this field, and the "FawryTech" system is the result of cooperation that will serve this vital sector. "

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