The UAE rolled out a new smart system named ‘Fawri Tick’ to monitor and curb terrorism financing in the country, the country's central bank said in a statement on Tuesday.
The tool, which is developed by Federal Authority for Nuclear Regulation (FANR), integrates and aggregates various anti-money laundering and counter terrorist financing cases across federal and local authorities and facilitates communication among all relevant authorities in an effort to combat financial crimes.
“The launch of Fawri Tick system reflects our efforts and commitment towards achieving the national strategy for anti-money laundering and countering financing of terrorism,” said Abdulhamid M Saeed Alahamadi, governor of the Central Bank of the UAE. “The smart platform allows the UAE to apply strict control measures to respond effectively to financial crimes and more importantly eliminate them in a timely manner.”
Mr Alahamadi is also the chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations Committee.
Fawri Tick comes under the supervision of the sub-technical committee comprising of members of the National Committee and the Federal Authority for Nuclear Regulation, according to the UAE Central Bank.
“FANR employed both its mandate as a nuclear regulator and its innovative technologies, in cooperation with subcommittee members, to develop the platform to provide timely information and measures,” Christer Viktorsson, director-general of the FANR, said.
The UAE, which already has strict laws to deal with money laundering and the financing of terrorism, has been further strengthening its regulations. Last week, it said all hawala providers – informal funds transfer service providers for individuals utilising non-bank methods – must register with the central bank to "enhance transparency in financial transactions" and strengthen the oversight of money transfers.
Last month, the UAE's central bank said the country has made "significant" progress with a national plan to combat money laundering and curb terrorism financing in the country. The UAE has also rolled out several initiatives and is coordinating in areas such as governance and supervision with countries that share its commitment to fight financial crime, the regulator added.
In June last year, the UAE become the first GCC country to launch 'goAML', a reporting platform developed by the United Nations to curb organised crime. More than 900 entities including, banks, insurance companies and money exchange centres became part of the platform.