UAE issues measures to counter money laundering

ABU DHABI - The United Arab Emirates (UAE) has introduced measures to deal with money laundering in the insurance sector, WAM news agency reported Sunday.

Fatima Mohammed Ishaq Al Awadhi, deputy director general of the National Insurance Authority, said the issuance of the measures is expected to curb any future money laundering activity in the sector.

She added that the measures would be applicable on all insurance companies, including foreign insurance companies operating in the UAE.

Al Awadhi underlined that the insurance companies and the professions related to them would be held accountable in case an money laundering crime is committed in their name or in the name of their firms or accounts intentionally.