The UAE has taken important steps in recent years to implement measures to combat money laundering and combat the financing of terrorism and illegal organizations.
Decades ago, the UAE developed laws that have been updated and developed to achieve a robust working procedure manual, capable of confronting various instruments that could lead to money laundering and the fight against terrorism.
The UAE is committed to confronting money laundering and terrorist financing crimes, and to detecting and deterring financial crimes such as money laundering and terrorist financing.
The laws and strategies of the UAE do not allow financial crimes to be committed on its territory, or even the use of its territory as a transit or transfer of funds arising from any criminal activity.
The UAE also supports global efforts to combat money laundering and combat terrorist financing. It seeks to fully implement the standards of the International Financial Action Task Force (FATF).
In the year 2000, the National Committee for the Fight against Money Laundering and the Fight against the Financing of Terrorism and Illegal Organizations was established, under the chairmanship of the Governor of the Central Bank.
This committee is responsible for overseeing the policies and efforts to combat money laundering and the financing of terrorism in the country, and to improve the effectiveness and efficiency of the institutional framework for coordination at national level, by the subcommittees arising from the National Committee, and by verifying the ongoing commitment to international standards.
Basic legislative framework
In 2018, Federal Decision Act No. (20) of 2018 issued in the issue of combating money laundering crimes, combating the financing of terrorism and the financing of illegal organizations and its executive regulations.
The decree is considered to be the basic legislative framework that criminalizes money laundering and terrorist financing activities, and which Federal Act No.
In the same year, the relevant UAE authorities conducted the first national risk assessment on combating money laundering and combating terrorist financing.
The national risk assessment has identified areas where the risks of money laundering and terrorist financing are high.
In 2019, the Financial Action Task Force evaluated the country according to international requirements and unveiled a number of areas in which the national framework benefits from combating money laundering and combating terrorist financing for the purpose of its further development.
The DNFBPs include a wide range of non-financial sectors and activities that are most vulnerable to money laundering and misuse of business transactions and funds circulating therein.
Notable sectors include real estate agents and agents, precious metal and gemstone dealers, independent accountants and auditors, and corporate service providers.
While the United Arab Emirates is high in dozens of global economic and financial indicators, it is also considered a destination for countries seeking a referral to combat money laundering and terrorist financing.
Since 2000, the UAE has developed its internal regulations and laws related to combating money laundering and terrorist financing, until it passed Federal Resolution Act No. 20 of 2018.
This law, which is one of the latest measures in the fight against money laundering crimes and the fight against the financing of terrorism and the financing of illegal organizations, worldwide, is aimed at developing the legislative and legal structure of the state.
fall from scam network
The UAE’s latest practical efforts to combat money laundering and terrorist financing were announced by Dubai police last month, in the arrest of a wanted man by the Danish authorities for his involvement in the largest tax fraud and money laundering operation in history of Denmark.
Dubai police said through their official social media pages that they had arrested Sanjay Shah, a 52-year-old British citizen involved in the largest tax fraud and money laundering operation in Denmark’s history.
Police revealed that the value of the operation in which Shah was involved amounted to $ 1.7 billion, in which he used the method to “submit profit tax refund applications with incorrect data”, according to the Dubai police.
Several years ago, the UAE Central Bank’s Financial Information Unit, in collaboration with the United Nations Office on Drugs and Crime, launched a digital platform (goAML) to collect and analyze financial information in line with money laundering requirements. .
GoAML registration is now mandatory for all financial institutions and companies such as “banks, exchange offices and finance companies” in accordance with the law.
The new program has contributed to the prevention of money laundering, terrorist financing and other illegal financial activities; It became part of the Financial Information Unit, which improved its capabilities and ensured the maintenance of the efficiency of the UAE’s financial system.
The UAE has also launched the “ForiTech” platform, a smart system that collects money laundering cases from various federal and local authorities, and facilitates communication between them, with the goal of speeding up actions and decisions within hours.
The Fawry system helps implement strict measures that will respond quickly to reduce financial crime, money laundering and eliminate sources of terrorist financing.
The “ForiTech” platform was developed by the Federal Authority for Nuclear Regulation in the UAE (FANR) under the supervision of the Technical Subcommittee, which includes members of the National Committee on Anti-Money Laundering and the Fight against Terrorism Financing and the Financing of Illegal organizations.