‘Fawri Tick’ will allow the country to respond effectively to financial crimes and eliminate them in a timely manner

Dubai: The UAE has launched ‘Fawri Tick’ – a smart anti-money laundering tool. The system integrates and aggregates various Anti-Money Laundering and Counter Terrorist Financing (AML/CFT) cases across federal and local authorities, and facilitates communication among all relevant authorities allowing necessary actions and decisions for the relevant case to be implemented in a very short time frame.

The smart tool is from the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, and developed by Federal Authority for Nuclear Regulation (FANR). Fawri Tick comes under the supervision of the sub-technical committee comprising of members of the National Committee and the Federal Authority for Nuclear Regulation.

Its development aligns with the requirements of the Financial Action Task Force (FATF) and the relevant United Nations Security Council requirements to undertake necessary actions towards illegal financing.

“The smart platform allows the UAE to apply strict control measures to respond effectively to financial crimes and, more importantly, eliminate them in a timely manner,” said Abdulhamid M. Saeed Alahamadi, Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations Committee. “The UAE remains committed to applying best-in-class technology to address the menace of Money Laundering and Terrorist Financing crimes.”

The development of Fawri Tick is the result of cooperation between the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations and FANR. FANR employed both its mandate as a nuclear regulator and its technologies to develop the platform.

“Today’s announcement marks a major milestone for the UAE in its ongoing efforts to combating money laundering and eradicating terrorism sources,” said Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation (FANR). “The Federal Authority for Nuclear Regulation (FANR), being a member in the sub-committee to combat financing of terrorism, financing of illegal organisations and proliferation financing, is delighted to work with federal and national stakeholders to develop such a smart platform.”