The UAE is slated to sign the United Nation's International Convention for Suppression of Financing Terrorism, instituted in December 1999, knowledgeable sources told Gulf News. The country is already a signatory to the UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, instituted under Resolution No 39/141 in December 1984, the same sources noted.
The sources observed that Saudi Arabia, which has also signed the convention against narcotics, is in the process of signing the convention against financing terrorism, and that the UAE is projected to follow suit shortly. Meanwhile, according to Gulf News, the different steps undertaken by the UAE Central Bank to combat money laundering are in compliance with international initiatives to counter money laundering, according to a senior Central Bank official. International initiatives comprise of the 40 recommendations issued by the Financial Action Task Force (FATF), the Declaration of Principles to prevent the misuse of the banking system issued by the Basle Committee, the directive of the European Group to prevent the misuse of the financial system for money laundering, and the United Nations Convention on fighting Narcotics & Psychotropic Substances for 1988, as well as other directives in this regard. Also, the UAE Central Bank has not faced any major difficulties in implementing the provisions contained in the Vienna Convention of 1988 and other international initiatives to counter money laundering activities. (Albawaba.com)
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