CFT Current Affairs - 2020

What is ‘goAML’ launched by UAE?

The United Arab Emirates (UAE) has become 1st country in Gulf to launch new anti-money laundering platform called ‘goAML’ (Anti-Money Laundering). It is a one-stop solution, launched by UAE to crack down on organised financial crimes.

All about goAML

Developer: It is the new anti-money laundering platform was launched by UAE’s Financial Intelligence Unit (FIU) and is developed by United Nations Office on Drugs and Crime (UNODC) to curb organised crimes.

Features:

It is a fully integrated software solution developed for use by UAE’s FIU. It is being considered as one of the UNODC’s strategic responses to financial crime, such as money laundering and terrorist financing.

It can be used for data collection, document management and analysis and will be used by financial institutions (like banks, finance companies) and law enforcement agencies such as police and designated non-financial businesses and professions (lawyers, accountants).

The platform is specifically customized to help FIU meet requirements of UAE’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework and other illicit financial activities.

goAML will facilitate the receipt, analysis and dissemination of suspicious transactions and activity reports.

Compulsory Registration: As per officials of UAE’s Central Bank (in Abu Dhabi) ‘goAML’ has been open for registration since May and all financial entities and Designated Non-Financial Businesses or Professions have to register on this new reporting platform system by 27 June 2019.

Over 900 entities including, banks, insurance companies and money exchange centres are required to register on goAML platform (nearly 50% of them have already registered).

Significance: This new system ensures that UAE financial system remains effective in fight against money laundering and terrorist financing.

About Financial Intelligence Units

Worldwide, FIUs play a leading role in prevention of anti-money laundering (AML) and counter-terrorist financing (CTF) activities.

Function: They receive, process, and analyze reports made by financial institutions or other entities in accordance with requirements of domestic AML/CTF laws and regulations.