The tool, which is developed by Federal Authority for Nuclear Regulation (FANR), integrates and aggregates various anti-money laundering and counter terrorist financing cases across federal and local authorities and facilitates communication among all relevant authorities in an effort to combat financial crimes.

“The launch of Fawri Tick system reflects our efforts and commitment towards achieving the national strategy for anti-money laundering and countering financing of terrorism,” said Abdulhamid M Saeed Alahamadi, governor of the Central Bank of the UAE. “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.”

Mr Alahamadi is also the chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations Committee.

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, according to the UAE Central Bank.

“FANR employed both its mandate as a nuclear regulator and its innovative technologies, in cooperation with subcommittee members, to develop the platform to provide timely information and measures,” Christer Viktorsson, director-general of the FANR, said.

The UAE, which already has strict laws to deal with money laundering and the financing of terrorism, has been further strengthening its regulations. Last week, it said all hawala providers – informal funds transfer service providers for individuals utilising non-bank methods – must register with the central bank to “enhance transparency in financial transactions” and strengthen the oversight of money transfers.