UAE and money laundering

The United Arab Emirates has confirmed its commitment to fighting "the money laundering phenomenon" which is claimed by certain US reports as being widespread in the UAE because the UAE "is a cell for free trade in the Gulf region."

News reports said that the large sums of "dirty money" are present in the country and that the UAE is currently drawing up a new banking law, including part of it for money laundering.

Earlier this month the UAE's central bank issued a statement in which it called for a quick release of the law, adding that money-laundering activity in the UAE is small and mostly imported from main banks in countries where the toughest measures are applied to fight money laundering.

Meanwhile, the UN's resident representative for crime and drug fighting, Tim Maurice, said in the symposium held in Abu Dhabi last week that the UAE is a successful trade center, adding, "This very successful economic policy may attract activists of money laundry." He added that the UAE's continued readiness to help in fighting this phenomenon and the international reputation it enjoys in this respect prevent the flow of laundered sums to this country.

The UAE has a stable currency. It has some 50 local and foreign banks. SANA reported.