Abu Dhabi, 2 Oct. 2005(WAM)--UAE Central Bank Govrenor Central Bank Sultan bin Nasser al Suweudi has called on banks and otherfinancial institutions to refocus their efforts on their internal procedures,controls and on-the job training of their staff, to safeguard their institutionsand the Banking System as a whole against Money Laundering and TerroristFinancing.

Addressing a seminar on "Legal and Regulatory Framework implementingAnti- Money Laundering (AML)and Combating of Terrorist Financing (CTF),Suweidi said: +I think it is time for banks and other financial institutions to refocustheir efforts on their internal procedures, controls and on-the job trainingof their staff, to safeguard their institutions and the Banking Systemas a whole against Money Laundering and Terrorist Financing+.

Al Suweidi noted that the UAE Central Bank and the National Anti-MoneyLaundering Committee, have over the last five years or so, been able tocodify and implement a National Policy in the fight against Money Launderingand Terrorist Financing. Banks and other financial institutions have playedan important role in this process.

+At this seminar, our specialists will make presentations on laws, regulations,directives and initiatives relating to AML/CTF as implemented by supranationalinstitutions, regional bodies and Governments+ he told the seminar.

Training and raising awareness are two of the key ingredients in the fightagainst money laundering and terrorist financing, he said.

+In continuation of this effort, the Central Bank has conducted so far240 training programs, seminars and workshops. We are committed to ensurethat our banking system is not abused by money launderers and financiersof terrorist activities+.

The U.A.E.issued on 28 July2004 Federal Law No. (1) of 2004 on CombatingTerrorism offences. This law addressed the issues related to terrorismand its financing which had become a major concern after the events of11 September 2001 in the USA. The UAE has already promulgated variousother laws, regulations and procedures to encounter money laundering andcombat terrorist financing, in line with the FATF 40 Recommendations andthe additional 9 Special Recommendations.

The U.A.E. banking system is strong and efficient, said Suweidi.

+Banks and other financial institutions must continue to maintain thishigh standard and improve on it. We need continuing active participationin our initiatives in the fight against Money Laundering and terroristfinancing, which is vital to the successful implementation of our Lawsand Regulations. +he said.