www.thenationalnews.com Open in urlscan Pro
2a02:26f0:480:f::213:7ecc  Public Scan

Form analysis
0 forms found in the DOM

Text Content

International Edition

--------------------------------------------------------------------------------

International Edition
Podcasts Newsletters Follow us Alerts App Video
OlympicsWeekend
News
UAE
Gulf
MENA
US
UK
Europe
Asia
Business
Aviation
Economy
Energy
Money
Property
Banking
Markets
Opinion
Comment
Editorial
Obituaries
Cartoon
Feedback
Future
Science
Space
Technology
Climate
Cop28
Environment
Road to Net Zero
Health
Culture
Art & Design
Books
Film & TV
Music & On-stage
Pop Culture
Lifestyle
Travel
Fashion & Beauty
Food
Motoring
Luxury
Home & Garden
Wellbeing
Things to do
Sport
Football
Cricket
Olympics
F1
Tennis
Combat Sports
Horse Racing
News
UAE
Gulf
MENA
US
UK
Europe
Asia
Business
Aviation
Economy
Energy
Money
Property
Banking
Markets
Opinion
Comment
Editorial
Obituaries
Cartoon
Feedback
Future
Science
Space
Technology
Climate
Cop28
Environment
Road to Net Zero
Health
Culture
Art & Design
Books
Film & TV
Music & On-stage
Pop Culture
Lifestyle
Travel
Fashion & Beauty
Food
Motoring
Luxury
Home & Garden
Wellbeing
Things to do
Sport
Football
Cricket
Olympics
F1
Tennis
Combat Sports
Horse Racing
The amendments aim to support efforts to fight financial crime. Antonie
Robertson / The National
The amendments aim to support efforts to fight financial crime. Antonie
Robertson / The National

News

UAE


UAE AMENDS ANTI-MONEY LAUNDERING LAWS


NEW MEASURES COMBAT SUCH OFFENCES AND ADDRESS FINANCING OF TERRORISM AND ILLEGAL
ORGANISATIONS

--------------------------------------------------------------------------------

The National

11 August, 2024

 * Listen In English
 * Listen In Arabic
 * 

 * Copy link
 * Share on X
 * Share on Facebook
 * Share on LinkedIn
 * Share on WhatsApp
 * Share on Email
 * Print
 * Other
 * 

--------------------------------------------------------------------------------

The UAE's laws on anti-money laundering and the financing of terrorism and
illegal organisations have been amended, the government has announced.

The amendments are designed to support efforts to fight financial crime while
consolidating the country’s technical compliance with international treaties and
recommendations, state news agency Wam reported.

A National Committee for Anti-Money Laundering and Combating the Financing of
Terrorism and Financing of Illegal Organisations has been formed as a result.

A Supreme Committee for the Oversight of the National Strategy for Anti-Money
Laundering and Counter-Terrorism Financing has also been established.



This committee will study, oversee and assess the effectiveness of strategies
and measures implemented by the National Committee for Anti-Money Laundering and
Combating the Financing of Terrorism and Financing of Illegal Organisations.



It comes as the UAE intensifies its operations against fiscal crimes,
specifically money laundering and financing of terrorism.

On Thursday, 32 local gold refineries were suspended for three months for
failing to follow anti-money laundering laws.

A series of inspections on activities related to the trade and manufacture of
precious metals and gemstones were carried out by the Ministry of Economy to
ensure compliance with anti-money laundering legislation in the gold sector.

Following this, the ministry charged the refineries with 256 violations,
amounting to eight violations for each.

Among the alleged violations were failing to take proper measures to identify
money laundering risks, not making required notifications of suspicious
transactions to the Financial Information Unit and not examining customer and
transaction databases against names on terrorism watch lists.

And, earlier this month, the UAE Central Bank imposed a fine of Dh5.8 million
($1.6 million) on a bank operating in the Emirates for breaching the country's
laws on anti-money laundering and counter-terrorism financing (AML/CFT).

In 2021, the government founded an Executive Office for Anti-Money Laundering
and Counter-Terrorism Financing after passing an anti-money laundering and
terrorism financing law in 2018.

The value of fines imposed by regulatory authorities in the field of Anti-Money
Laundering and Counter-Terrorism Financing between January and October last year
reached Dh249.2 million ($67.9 million), compared with Dh76 million in 2022.

More than Dh10 million in fines imposed as targeted financial sanctions was
collected between July and October 2023.

A sign of the progress made in recent years is that the country was removed from
the Financial Action Task Force’s grey list this February.

The FATF is a global body that combats money laundering and terrorism financing.

The decision to take the UAE off the watchdog’s increased monitoring list was
made after a comprehensive on-the-ground review of its economy. The Emirates was
placed on the grey list in 2022.

Updated: August 11, 2024, 4:49 PM



--------------------------------------------------------------------------------










search by queryly Advanced Search



OUR SITE USES COOKIES

We use cookies for basic website functionality, personalisation and to help us
analyse how our site is used. By accepting, you agree to the use of cookies. You
can change your cookie preferences by clicking the cookie preferences button or
by visiting ourCookie Policy
Cookies preferences ACCEPT