UAE cen­tral bank backs anti-money laun­der­ing FAST FACT

Move to safe­guard fi­nan­cial sta­bil­ity in COVID-hit econ­omy

Arab News - - Business - Reuters

The UAE cen­tral bank has said that banks should in­crease anti-money laun­der­ing ef­forts to safe­guard fi­nan­cial sta­bil­ity in the coun­try.

“To mit­i­gate the risk of fi­nan­cial crimes . . . banks are urged to put more ef­forts to­ward com­bat­ing money laun­der­ing and fi­nanc­ing of ter­ror­ism,” it said in a state­ment.

The bank said more than 300,000 in­di­vid­u­als, close to 10,000 small and medium en­ter­prises, and more than 1,500 pri­vate com­pa­nies, had ben­e­fited from a 50 bil­lion dirhams ($14 bil­lion) liq­uid­ity scheme in­tro­duced to cush­ion against the im­pact of the COVID-19 pan­demic. On Wed­nes­day, the UAE re­ported its high­est daily num­ber of coro­n­avirus in­fec­tions since the start of the pan­demic.

In a sep­a­rate re­port, the cen­tral bank said this week that the UAE econ­omy would likely con­tract by 5.2 per­cent this year, re­vis­ing down a pre­vi­ous 3.6 per­cent con­trac­tion fore­cast, as virus con­tain­ment

The UAE Cen­tral Bank ex­pects the coun­try’s econ­omy to con­tract by 5.2 per­cent this year. mea­sures hurt sec­tors such as trade and tourism.

It said that man­u­fac­tur­ing pro­duc­tion shrank “due to sup­ply chain dis­rup­tions, limited ex­port op­por­tu­ni­ties and sub­dued do­mes­tic de­mand.”

The UAE said on Thurs­day that it would re­sume is­su­ing visas to for­eign vis­i­tors to all seven of its re­gions af­ter a six-month sus­pen­sion im­posed due to the pan­demic, state me­dia re­ported.

Dubai, the re­gion’s tourism and busi­ness hub and one of the seven emi­rates that make up the UAE, had al­ready lifted its own visa ban in July.

The Fed­eral Author­ity for Iden­tity and Cit­i­zen­ship said in a state­ment car­ried in state me­dia that the de­ci­sion was taken as part of the eas­ing of COVID-19 re­stric­tions in the Gulf state as well as ef­forts to sup­port eco­nomic re­cov­ery plans.

All six Gulf Arab coun­tries have lifted in­ter­nal cur­fews and lock­downs, but re­stric­tions on gath­er­ings and for­eign travel re­main in the oil-pro­duc­ing re­gion, where the to­tal num­ber of COVID cases stands at more than 800,000, with more than 6,800 deaths.

AFP

Dubai has now lifted the visa ban im­posed due to the pan­demic.

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