UAE - Mubasher: The Central Bank of the UAE (CBUAE) has imposed financial and administrative sanctions on a non-authorised individual related to an exchange house operating in the UAE.

This decision aims to combat money laundering and the financing of terrorism and illegal organisations as well as organise financial institutions and activities, according to a press release on Thursday.

The CBUAE has fined any non-authorised individual with AED 600,000 and prohibited him from conducting any future functions related to licensed financial institutions in the UAE.

As the supervisory authority of exchange houses operating in the UAE, the CBUAE supervises all exchange houses, their owners, and staff abide by the UAE laws, regulations, and standards adopted by the central bank.

It is noteworthy to mention that on Wednesday, 24 February, the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) launched the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism.