UNODC 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.
The latest report released by the United Nations Office of Drugs and Crime (UNODC) has referred to India as a Key Hub for Illicit Drug Trade.
Findings of the UNODC Report
- India is one of the major hubs of illicit drug trade ranging from age-old cannabis to newer prescription drugs like tramadol, and designer drugs like methamphetamine.
- The global trend of purchasing drugs over the internet, particularly on darknet trading platforms using cryptocurrencies has spread across South Asia and it is particularly rampant in India.
- The study has found more than 1,000 drug listings from India published across 50 online crypto-market platforms.
- The report also states that in 2017 Indian authorities have dismantled two illicit Internet pharmacies, seizing close to 130,000 tablets containing psychotropic substances.
- India has also become a transit country for illicitly produced opiates, in particular, heroin. The route being used by traffickers to smuggle opiates through South Asia is an alternative part of the southern route, which runs through Pakistan or the Islamic Republic of Iran, via the Gulf countries, continues to East Africa and on to destination countries.
- India, Australia, France and Turkey together accounted for 83 per cent of global production of morphine-rich opiate raw materials in 2017.
United Nations Office of Drugs and Crime
United Nations Office of Drugs and Crime (UNODC) established in 1997 is a global leader in the fight against illicit drugs and international crime. UNDOC came into with the merger of United Nations Drug Control Programme and the Centre for International Crime Prevention.
Tags: Australia • Cannabis • Crypto Currency • East Africa • France • Gulf Countries • heroin • Illicit Drug Trade • Iran • Pakistan • South Asia • Turkey • United Nations Office of Drugs and Crime • UNODC