RealNews

UAE Working on Terror Financing Law

A new law to combat terror financing is in the works, the Central Bank governor said Monday, a day after announcing the freezing of assets of a Sri Lankan businessman accused by Washington of brokering black-market deals for nuclear technology. Sultan bin Nasser al-Suweidi said a draft law is in the final stages of review by the legislative committee in the Cabinet and is expected to be passed soon. He did not elaborate. U.S. and Western investigators have warned Dubai’s banking, trade and visa regulations could be easily abused for money laundering and illicit trade. About half the $250,000 spent on the Sept. 11 attacks was wired to al-Qaida terrorists in the United States from Dubai banks. Al-Qaida money in Dubai banks also has been linked to the 1998 U.S. Embassy bombings in Kenya and Tanzania. Full Story

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