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UAE Central Bank Slaps Over Rs 13 Crore Monetary Sanction on Bank of Baroda
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Bank of Baroda on Monday said the Central Bank of the United Arab Emirates has imposed a monetary sanction of over Rs 13 crore on the bank for violating anti-money laundering law. The Central Bank of the United Arab Emirates has imposed a financial sanction of AED 6,833,333 (amounting to Rs 13.56 crore) on Bank of Baroda, GCC Operations, Dubai for deficiencies in compliance of Federal Decree Law of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, the bank said in a release.
UAE warns about money laundering crime, clarifies the law s aspects
23 Jan 2021
Gulf Today,
Staff Reporter
The UAE Public Prosecution published clarifications about the crime of money laundering on its social media accounts.
It is part of its keenness to enhance the legal culture among all members of society, and raise the level of public awareness of the laws.
President His Highness Sheikh Khalifa Bin Zayed Al Nahyan issued the Federal Decree No. 20 on anti-money laundering and countering the financing of terrorism in 2018.
The Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).