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Non-profit groups in UAE warned against money laundering


DUBAI – Non-profit organisations operating in the UAE have been warned against engaging in money laundering, state news agency WAM quoted a senior official as saying.

Nasser Ismail, Assistant Undersecretary of Social Welfare at the Ministry of Community Development, and Member of National Committee for Countering Money Laundering, said that authorities are taking necessary steps, including legal measures, to stop violators.

Ismail said a new federal law called Fundraising Regulatory Law will stipulate a set of conditions and regulations for licensed charitable and humanitarian authorities within the UAE.

The new federal law is being formulated by the Ministry of Community Development, which will launch a series of awareness programs about the new law, he said.

The ministry has already been organising workshops targeting regulatory authorities that are responsible for overseeing and monitoring non-profit associations in the UAE, Ismail noted.

“This step comes as part of the ministry’s efforts to abide by the international standards of countering money laundering, terrorism financing and weapons proliferation as issued by the Financial Action Task Force (FATF),” he emphasised.

The FATF is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities.

“Our target is to ensure that international standards are applied practically and comprehensively by non-profit associations, thereby preventing any unacceptable abuses, errors or practices in this context,” Ismail said.

The ministry will form regulatory authorities responsible for supervising and monitoring non-profit associations. ICA/Expat Media

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