United Arab Emirates: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 305

Publication date: September 2008

ISBN: 9781451801217

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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , ISCR , CR , AML law , CFT law , penal code , beneficial owner , court order , judicial proceeding , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Terrorism financing , Customs unions , Legal support in revenue administration , South Asia , Global

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Summary

This paper highlights the detailed assessment report on antimoney laundering (AML) and combating the financing of terrorism in the United Arab Emirates (UAE). The AML law needs to be amended to expand the range of predicate offences and to provide greater powers for the financial intelligence unit. The authorities have taken positive initiatives to address the issue of Hawala dealers, and have introduced a voluntary system of registration and reporting. The central bank intends progressively to formalize its oversight regime for this sector.