Al Ghurair Exchange is serious in its business to fully cooperate with the U.A.E. government and the governments represented by its tie-up banks and exchange houses, it is incumbent upon everybody to study and understand our policy and understanding of the Laws, Rules and Regulations, Circulars, and other directives of the Central Bank of the U.A.E. and any other competent government agencies. Our AML POLICY guide everybody in processing transactions, knowing the customers, approving transactions, handling suspicious cases, and other activities while in the thrust to countering or combating the possible money laundering practices of its clientele or of its employees.
The world is facing a tough challenge in its battle against terrorism, corruption, kidnapping, drug trafficking, and other kinds of organized crimes that are either the source or the destination of large amount of dirty monies. The major concern on one hand, is to combat against the financing of terrorists and other criminal activities, and concealing monies deriving from the illegal activities on another hand.
It was at this premise by which Financial Action Task Force for Money Laundering was established in 1989 during the G-7 Summit in Paris. It aimed to recommend measures on how to combat money laundering and financing terrorists’ activities.
What is Money Laundering
Under Article 1 of Central Bank of the U.A.E Regulation Concerning Procedures for Anti-Money Laundering, as amended, Money Laundering refers to any transaction aimed at concealing and/or changing the identity of illegally obtained money, so that it appears to have originated from legitimate sources, where in fact it has not. This definition includes monies that are destined to finance terrorism or criminal acts.