Brilliant Anti-Money Laundering Technique, 'Fawri Tick', launched by UAE | Accounting and Audit Firms in Dubai, UAE

Brilliant Anti-Money Laundering Technique, ‘Fawri Tick’, launched by UAE

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Brilliant Anti-Money Laundering Technique, ‘Fawri Tick’, launched by UAE

The United Arab Emirates has released a smart tool to get rid of money laundering.

The system aggregates and integrates different AML/CFT, Anti-Money Laundering, and Counter-Terrorist Financing cases throughout local and federal authorities. Moreover, it accommodates communication between all relevant authorities, this allows necessary decisions and actions to be handled in a shorter time frame.

The tool belongs to the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations. It was developed by FANR, Federal Authority for Nuclear Regulation. The tool, Fawri Tick is under the surveillance of a sub technical committee that comprises of people from the Federal Authority for Nuclear Regulation and the National Committee.

The developments of the tool match with the requirements of the FATF, Financial Action Task Force. Furthermore, it meets the requirements of the United National Security Council that are to take measures against illegal financing.

The tool helps the UAE in applying and implementing strict controls on financial crimes and in the long run, helps in eliminating them. United Arab Emirates focuses on using the best technology at hand to deal with financial crimes and money laundering.

The Financing of Terrorism and Illegal Organisations, the National Committee for Combating Money Laundering, and FANR’s cooperation has lead to the current state of the smart tool. The Federal Authority for Nuclear Regulation (FANR) has employed its technologies and nuclear regulator to grow its platform.

A huge milestone has been marked for the UAE for its ongoing achievements and efforts at fighting against eradicating terrorism and money laundering. FANR is a part of the sub-committee to fight against financial terrorism and working with national and federal stakeholders to build up an incredible platform.

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