The UAE Financial Intelligence Unit (FIU) analyses suspicious transactions and activities that may involve money laundering, terrorism financing and related criminal activities, on the basis of data and reports from financial institutions (FIs) and designated non-financial business and professions (DNFBPs) who collaborate and share knowledge to detect and act against such activities.
FIU encourages collaboration and strategic partnerships with local, regional and international stakeholders that have similar goals of combatting financial crimes. Such collaboration entails developing shared network platforms that allow for enhanced knowledge sharing between agencies to combat money laundering and terrorism financing.
The goAML system was developed by the United Nations Office on Drugs and Crime (UNODC) to combat money laundering and the financing of terrorism.
The goAML system is considered as an integrated system used by the Financial Intelligence Unit (FIU) to receive, analyze and distribute suspicious transaction reports (STRs) in a fast and efficient manner, and a large number of financial intelligence units worldwide are currently using it, and the United Arab Emirates is the first Gulf country to apply this modern system.
The goAML system has many advantages, including raising the operational level of the Financial Intelligence Unit (FIU) significantly, also at the level of the notifying institutions with the following: