By Richard Dean and Odai Sirri, Reuters
Islamic financial institutions should improve methods to prevent money laundering and communicate better with the West if they are to change their image as a weak link in the fight, banking regulators said on Tuesday.
“Islamic banking and financial institutions must try to do more in terms of anti-money laundering and internal controls as they are seen as the weak link in the West,” Sultan bin Nasser al-Suweidi, governor of the Central Bank of the United Arab Emirates, told a conference of Islamic financiers.
He said there was a misconception in some Western financial circles that Islamic financial institutions were lax about money laundering and terrorist financing.
For this complete story, please visit Islamic Banks Urged to Fight Money Laundering Harder.
