In the past few years, the UAE has intensified its efforts to fight money laundering and terrorist financing. The addition to the gray list may seem like a significant defeat to many, but since the FATF warning in 2020, the UAE government has taken plenty of steps to better adhere to global standards on fighting money laundering and terrorist financing. The following is a list of UAE's latest anti-money laundering measures and sanctions;
In the first half of 2022, the UAE imposed $11.2 million in penalties for anti-money laundering cases.
The UAE's anti-money laundering enforcement actions in the first six months of this year led to the imposition of AED 41 million in penalties ($11.2 million). These were announced at the 15th meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
UAE's continuous efforts to combat money laundering include the arrest of the Gupta brothers.
As part of the UAE's commitment to combat money laundering, they have arrested two wanted brothers accused of fraud and money laundering in South Africa. These two were detained after Interpol's placement on its most-wanted list in February. This action reflects the UAE's continuous efforts to combat money laundering.
Exchange house fined $1.4 million by UAE central bank for violations of Anti-money laundering.
The Central Bank of the UAE has levied a $1.4 million (AED5.2 million) fine on an exchange house in the country for its shoddy practices. The action follows the UAE's anti-money laundering and terrorist financing law. The bank didn't disclose the exchange house's identity but said it operates in the UAE.
Judges in the UAE discuss measures to help tackle the fight against money laundering crimes.
In a meeting held through a webinar, Abu Dhabi Judicial Department addressed the nature of money laundering crimes, their elements and historical roots, and the business sector's role in preventing them. In addition, this meeting focused on maintaining the UAE's favorable global reputation and consolidating its financial and commercial control position.
UAE issues anti-money laundering guide for 'politically exposed persons.
New guidance on anti-money laundering (AML) and counter-terrorism financing (CFT) has been published by the Central Bank of the UAE regarding risks associated with politically exposed persons. In the event of PEPs or transactions relating to them, LFIs are exposed to a higher risk of money laundering and terror financing.
The UAE is committed to combating money laundering amid a growing payments sector.
If cryptocurrency is to be accepted, it needs anti-money laundering protection. In 2021, criminals laundered an estimated $8.6 billion of cryptocurrency, an increase of 30 percent over the previous year. As a result, the FATF has recommended several AML rules for the UAE in its efforts to become a global crypto hub. UAE has implemented most of these recommendations.
According to S&P, the UAE is an exporter of capital rather than an importer, so it has not and should not be significantly affected by a gray listing. Moreover, FATF recognized that the UAE had considerably bolstered its framework against financial crime.
New UAE regulations target money laundering in real estate.
After talks and meetings between UAE officials and regulators, the authorities have passed a decision that compels real estate agents, brokers, and law firms to file reports to the UAE Financial Intelligence Unit (FIU). UAE is the first country to implement such a mechanism for real estate transactions that involve virtual assets.
Dubai can be the perfect place for you to start your business as there are many lucrative business opportunities for investors, so take a chance in one of the best cities in the world! For more information on starting a business in the UAE, contact Sentinel Business Centers.