The Central Bank of Yemen was established in 1971, and the northern and southern sectors of Yemen were merged in 1990. The Central Bank of Yemen is an independent state institution created by law. The Central Bank of Yemen aims to ensure Yemen's financial systems' stability and strengthen the economy. The Central Bank of Yemen uses monetary policy tools to control inflation and stabilize exchange rates.
Besides, the Central Bank of Yemen plays an active role in Yemen's fight against financial crimes. Central Bank of Yemen aims to prevent financial crimes by auditing financial institutions in Yemen. The fact that the Yemen financial system is not very developed makes it vulnerable to money laundering.
The Yemen Parliament adopted the first money laundering law in 2003. According to this law, people who commit financial crimes in Yemen are sentenced to up to 5 years in prison. The Central Bank of Yemen has established a unit within itself to combat financial crimes. The Anti-Money Laundering Committee (AMLC) is the unit established to combat financial crimes by the Central Bank of Yemen.
The Anti-Money Laundering Committee (AMLC) is responsible for the prevention and detection of financial crimes. The Anti-Money Laundering Committee (AMLC) checks suspicious reports from financial institutions. The Committee establishes procedures and regulations within the scope of combating money laundering. The committee organizes training and conferences to inform financial institutions and citizens as part of the fight against money laundering. The Anti-Money Laundering Committee represents Yemen at international conferences on the fight against money laundering. The Committee reports to the ministries every 3 months related to its activities.
The Yemen government has made progress in implementing anti-money laundering programs in recent years. With the development of anti-money laundering programs in Yemen, it is aimed to ensure compliance with international AML standards.
Request a demo and learn how Sanction Scanner protects your firm from the Financial Crimes.
Request Demo