1st workshop on money laundering wraps up [Archives:2003/667/Local News]

September 11 2003

Yasser Mohammed Al-Mayyasi
Sanaa, September 9 – Organized bay the Central Bank of Yemen and the Banking Studies Institute, the first workshop on money laundering concluded its activities on September 8.
The workshop, which started on September 6, had discussed a number of vital issues related to money laundering in some Yemeni banks and other financial establishments.
The workshop focused on three main standpoints:
1 – Getting acquainted with money laundering Law No. (31) for 2003 as well as mapping out an applicable mechanism along with taking into consideration the Arab, regional and international efforts made to fight money laundering.
2 – Reviewing means and ways of money laundering.
3 – Gathering information related to money laundering using up-to-date technical ways.
During the 3-day workshop, most of the financial establishments, economists, and those who are interested in this issue took part in the workshop.
The workshop came after the parliament had ratified the money laundering law on March 2003.
Yemen is among those countries, which have adopted strict procedures to fight money laundering and terrorism. As a result, a comprehensive report on money laundering was presented to the International Monetary Fund (IMF).
Yemen has been ranked as the 24th country in the world to present its report to the IMF in this regard.
On its part, a number of banking organizational procedures have been adopted by the Central Bank of Yemen to fight money laundering and other fundraising activities.
This also includes providing banks and financial establishments with lists of all clients according to the United Nations resolution No (1373) with regard to freezing banks' balances.
A leaflet was then published and distributed to all banking establishments operating in Yemen with the aim of making use of financial resources.