United Arab Emirates Current Affairs - 2019
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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.
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.
Cash-strapped Pakistan has secured a financial assistance in form of a bailout package of $3 billion from oil-rich Qatar, a day after Qatar’s Emir Sheikh Tamim bin Hamad concluded his visit to Pakistan.
Qatar’s financial assistance to Pakistan was announced by Sheikh Mohammed bin Abdulrahman Al Thani, Foreign Minister of Qatar.
Pakistan also conferred visiting Qatari Emir with the Nishan-e-Pakistan, country’s highest civil honour.
Pakistan and Qatar apart from stepping up cooperation in trade and economy also signed a memorandum of understanding (MoU) to cooperate in field of exchange of financial intelligence related to money laundering and curbing terrorism financing.
During past 11 months, the Gulf state is 4th nation that has come forward at Pakistan’s rescue from default as when Prime Minister Imran Khan’s government tries to overcome a ballooning balance-of-payments (BOP) crisis.
Other Financial Aid to Pakistan:
China gave $4.6 billion aid to Pakistan in shape of deposits and commercial loans.
Saudi Arabia provided $3 billion cash deposit and $3.2 billion oil facility on deferred payments.
United Arab Emirates (UAE) also provided $2 billion cash deposit.
In May 2019 Pakistan reached a preliminary agreement with International Monetary Fund (IMF) for $6 billion bailout package that was aimed at supporting Pakistan’s finances and for strengthening a slowing economy.
Tags: Balance-of-Payments crisis. • BOP Crisis • China • International Monetary Fund • MoU • Nishan-e-Pakistan • Pakistan • Pakistan-Qatar • Qatar’s Emir Sheikh Tamim bin Hamad • Saudi Arabia • United Arab Emirates