Money Laundering Bill Still Stalled in Parliament
The US financial assessment team found efforts to counter money laundering are in their infancy, or non-existent. Parliament is stalling the bill because it will restrict the transfer of charity funds and/or to “legitimate resistance” like Hamas.
SANA’A, July 23 (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 the 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 number increased 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 be approved by the parliament.
According to the report, the Yemen Central Bank makes it compulsory for exchange companies to present detailed information about their banking services. The bank increased these companies capital to YR 20 million to increase their annual fees to YR 1 million and the individual institutions to YR 150.000.
