UAE passes law to combat money laundering, terror financing

The law follows a decree by UAE President Sheikh Khalifa bin Zayed Al-Nahyan. (File/AFP)
Updated 30 October 2018
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UAE passes law to combat money laundering, terror financing

  • The law follows a decree by UAE President Sheikh Khalifa bin Zayed Al-Nahyan

DUBAI: The United Arab Emirates passed a law to combat money laundering and terrorism financing, it said on Tuesday, UAE-run WAM reported.
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.


Lebanon urges return of refugees to Syria

Updated 21 January 2019
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Lebanon urges return of refugees to Syria

  • President Michel Aoun tells Arab economic summit that Lebanon was overwhelmed by Syrian and Palestinian refugees
  • Aoun proposes creation of an Arab bank for reconstruction and development

BEIRUT: Lebanon used an Arab economic summit on Sunday to urge the return of refugees to safe areas of Syria after eight years of war.

President Michel Aoun told the meeting Lebanon was overwhelmed by Syrian and Palestinian refugees, who make up about half the population of a country struggling with an economic crisis.

He proposed the creation of an Arab bank for reconstruction and development “to help all affected Arab states overcome adversity and contribute to their sustainable economic growth.”

The meeting is the first economic and development summit since 2013, and comes as Syria, Yemen and Libya remain gripped by violence and Iraq confronts a massive reconstruction challenge after its costly victory over Daesh.

Arab League Secretary General Ahmed Aboul-Gheit said nearly half of all refugees “come from our Arab world.”

The emir of Qatar, and the president of Mauritania were the only heads of state from the 22-member Arab League who attended the summit. Other countries sent lower-level delegations.

The other leaders’ absence was a snub to Lebanon, where groups led by Hezbollah had insisted that Bashar Assad of Syria should be invited.

Several hundred people protested in the streets of Beirut on Sunday, blaming politicians for growing economic troubles.