Yemen is tops in anti-money-laundering legislation [Archives:2002/27/Local News]

The governor of the Central Bank of Yemen (CBY), Ahmed Assamawi, said that Yemen is leader in enacting anti-money laundering legislation.
The International Monetary Fund has classified Yemen as one of the 30 countries adhering to the UN Security Councils resolutions related to fighting terrorism and freezing suspected accounts from 120 countries worldwide, Assamawi told the 26 September newspaper, the voice of Yemens armed forces last Thursday.
Assamawi considered the anti-money-laundering legislation, approved last week by the cabinet, as of the best legislations in the Arab world.
The law included clear-cut articles which deemed kidnapping, banditry, robbery, embezzlement, bribery, fraud, smuggling, tax evasion, illegal arm trade and drug trafficking as forms of money laundering.
Assamawi added that Yemen is not a safe place for money laundering, and Yemen has no problem related with major international crimes like drug and arms trafficking. He pointed out that the new law includes deterrent punishments for persons convicted with money laundering.
CBY issued a circular following the September 11 attacks ordering banks and money exchange shops to verify the identity of their clients and demand related documents. CBY also banned opening alias accounts and converting more than USD ten thousand before verifying the senders identity.

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