A toolkit aimed at supporting financial institutions in addressing and reporting suspicious transactions relating to the illegal wildlife trade (IWT) has been launched. Developed by the UK Serious Organised Crime Network in collaboration with the UAE government, WWF, TRAFFIC and… Read More ›
The UAE is the only new jurisdiction to have been put on the Financial Action Task Force (FATF) ‘grey list’ of countries at the global financial watchdog’s plenary meetings last week. The emirates are now actively working with the task… Read More ›
The UAE has launched a comprehensive assessment of proliferation financing risks as it strives to avoid being placed on the Financial Action Task Force (FATF) ‘grey list’ of countries with strategic deficiencies in their anti-money laundering and counter financing of… Read More ›
The UAE is in danger of being added to the Financial Action Task Force (FATF) grey list of jurisdictions with “strategic deficiencies” in their anti-money laundering and counter financing of terrorism (AML/CFT) regime according to a report by the Bloomberg news agency…. Read More ›
The Central Bank of the UAE has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements for licensed financial institutions that provide services to cash-intensive businesses. Financial institutions should demonstrate compliance with the new requirements… Read More ›
A new Partnership to Tackle Illicit Financial Flows (PTIFF) has been launched by the UK and the UAE. The partnership will focus on targeting organised crime and those financing terrorism. Strategic aims The PTIFF aims to ensure that the UAE… Read More ›
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect. Bank obligations… Read More ›
Penalties and fines of up to 100,000 dirhams (AED100,000 – US$27,223) are in the offing for UAE-based companies that fail to comply with reporting beneficial ownership information under new regulations that take effect on 1 July. The UAE has already… Read More ›