CURRENT AFFAIRS

Detailed explanation-1: -The UAE is the first to launch the goAML platform in the GCC.

Detailed explanation-2: -What is goAML in UAE? The goAML is a software application used by the UAE Financial Intelligence Unit (FIU) to curb money laundering and terrorist financing. It is one of the UNODC’s strategic responses to various types of financial crimes, including money laundering and terrorist financing.

Detailed explanation-3: -Anti-Money Laundering Department AML/CFT serves three key objectives: examining Licensed Financial Institutions (LFIs) ensuring adherence to the UAE’s AML/CFT legal and regulatory framework and. identifying relevant threats, vulnerabilities and emerging risks concerning the UAE’s financial sector.

Detailed explanation-4: -GoAML is a standard application (software system) developed by the United Nations Office on Drugs and Crime (UNODC) for Financial Intelligence Units worldwide to counter Terrorist Financing and Money Laundering.

Detailed explanation-5: -Currently, goAML is being used or evaluated by an estimated 50 nations, including Mexico, New Zealand, Ireland, Luxembourg, Nepal, and other countries across the Caribbean, Europe, Africa and Asia.