Last Updated: August 30. 2009 12:59AM UAE
Banks in the UAE have until Sunday to disclose details of accounts held by foreign officials and politicians as the Central Bank tightens regulations on money laundering.
The move, which brings the UAE into line with standards in other international financial centres, follows recent high-profile cases involving alleged fraud in the region and internationally.
International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering.
Claims by the troubled Saudi Arabian conglomerate Ahmad Hamad Al Gosaibi and Brothers against Dubai’s Mashreqbank and Maan al Sanea, the billionaire head of the Saudi Saad Group, for alleged fraud, and the case of jailed US financier Bernie Madoff, convicted of swindling $65 billion (Dh238.74bn) from investors, are among events that have heightened concerns about irregularities in global financial systems.
