Dhaka, Bangladesh
UAE passes law to combat money laundering, terror financing

UAE passes law to combat money laundering, terror financing

DUBAI, Oct 30: The United Arab Emirates passed a law to combat money laundering and terrorism financing, it said on Tuesday, UAE-run WAM reported, reports Arab News . The law follows a decree by UAE President Sheikh Khalifa bin Zayed Al-Nahyan. "The UAE's wise leadership is keen to develop the legislative and legal structure of the nation to ensure compliance with international standards on anti-money laundering and countering the financing of terrorism," Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said. The law provides a legal framework for the government to counter money laundering and other related crimes, as well as it counters financing terrorist activities and suspicious organizations, which "enhances the UAE's commitment to international recommendations and treaties," Sheikh Hamdan added. Another report from Dubai adds: UAE's visa amnesty scheme might be extended according to immigration sources in Abu Dhabi and Sharjah. The three-month scheme is set to end this October 31, but multiple diplomatic missions in the country had requested for an extension to give illegal residents more time to fix their status, UAE daily Khaleej Times reported. According to an official, an announcement will be made soon, but "we cannot say now whether the extension is for one month or 45 days." Bangladesh has put in an official request for the extension. "A lot of people still want to avail of the amnesty and we are getting queries on a daily basis. We are hopeful authorities will extend it," Bangladeshi Ambassador to the UAE Muhammad Imran said. Since the start of the amnesty program, thousands of illegal residents have either exited the country or have gotten a six-month job seeker visa. Dubai's General Directorate of Residency and Foreign Affairs said that they issued over 25,000 sponsor visas and renewed 2,900 residencies during the first month of the amnesty.

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