UAE to share intelligence to fight money laundering, terrorism financing

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DUBAI, Aug 3 – The United Arab Emirates and China agreed to share intelligence to fight money laundering and terrorism financing, the Financial Intelligence Unit of the UAE Central Bank said on Tuesday.

It said it would exchange information with its counterpart, China Anti-Money Laundering Monitoring and Analysis Centre on investigations into transactions related to money laundering, terrorist financing, and the persons or entities involved

The UAE, home to the Middle East Financial Hub Dubai, has worked over the past few years to overcome the perception it is a hot spot for illicit money. In February the government initiated an executive office for counterterrorism and money laundering.

China was Dubai's largest trading partner in 2019 and had contributed $29 billion to the economy that year.