ID :
13675
Thu, 07/24/2008 - 13:11
Auther :
Shortlink :
http://m.oananews.org//node/13675
The shortlink copeid
policies of fighting money laundering, terrorist finance stimulate =
SANA'A, July 24 (Saba) - Plans the Yemeni government has taken to fight money laundering and terrorism finance and preventing the establishment of unlicensed currency exchange companies helped revive currency exchange during the last ten years, a report has said.
The report issued by the Yemen Central Bank noted that the exchange companies number has more than doubled in a decade. This numberincreased from 210 to 528.
The improvement came as the government introduced a new law for combating money laundering and terrorist finance that is yet to beapproved by the parliament.
According to the report, the Yemen Central Bank make compulsory forexchange companies to present detailed information about their banking services.
The bank also increased these companies capital to YR 20 million to increase their annual fees to YR 1 million and the individualinstitutions to YR 150.000.
The report issued by the Yemen Central Bank noted that the exchange companies number has more than doubled in a decade. This numberincreased from 210 to 528.
The improvement came as the government introduced a new law for combating money laundering and terrorist finance that is yet to beapproved by the parliament.
According to the report, the Yemen Central Bank make compulsory forexchange companies to present detailed information about their banking services.
The bank also increased these companies capital to YR 20 million to increase their annual fees to YR 1 million and the individualinstitutions to YR 150.000.
