Yemen intensifies procedures of fighting money laundering

SANA'A, Nov. 26 (Saba)- The Central Bank of Yemen (CBY) has begun
taking several actions and extra protective control arrangements
against the financial institutions and national councils and unions
aiming to combat terror financing and money laundering, and
protecting the banking body in Yemen from any suspicious financial
activities.

A source at the bank said to almoatamar.net that the taken actions
by CBY come after suspecting several cases of money laundering in
some bank businesses among several financial institutions and
foreign parties.

The source indicated that the CBY has started recently assigning a
number of specializing control committees to make field visits to
assess all banking and accounting procedures of local financial
institutions in order to evaluate their commitments to the
international rules and proceeding lists of fighting money
laundering issued by United Nations Security Council.

The CBY has issued a list of obligatory instructions addressed to
the local banking institutions which are classified under the
procedures of fighting money laundering and terror financing, the
source added.