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

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.

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Year of publication:	2008-09-19
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial institutions \| law \| law enforcement \| money laundering \| terrorist financing \| penal code \| legal assistance \| suspicious transactions \| law enforcement agencies \| due diligence \| competent authorities \| regulatory law \| international cooperation \| beneficial ownership \| international conventions \| foreign counterparts \| precious metals \| regulatory authorities \| suspicious transaction \| customer identification \| terrorist acts \| shell banks \| law enforcement authorities \| enforcement authorities \| foreign branches \| compliance officer \| judicial authority \| unusual transactions \| negotiable instruments \| risk customers \| financial intelligence unit \| criminal activity \| insurance law \| criminal law \| organized crime \| audit function \| suspicious transaction reporting \| transaction reporting \| beneficial owners \| cash transactions \| exchange information \| wire transfer \| trust service providers \| internal controls \| transaction reports \| international standards \| dual criminality \| life insurance \| legal arrangements \| risk management \| suspicious transaction reports \| confiscation of property \| control information \| international law \| powers of inspection \| account opening \| extradition requests \| money laundering offence \| due diligence process \| financial crime \| suspicious activity \| internal audit \| banking supervision \| investigative techniques \| share capital \| anonymous accounts \| precious stones \| suspicious transaction report \| identification procedures \| criminal groups \| judicial proceedings \| money remitters \| terrorist organizations \| customer accounts \| asset forfeiture fund \| enforcement powers \| control structure \| legal entities \| legal assistance treaties \| drug trafficking \| good faith \| criminal liability \| identification data \| assessment process \| criminal matters \| customer identification data \| identity documents \| cash transaction \| terrorist assets \| banking relationships \| alternative remittance \| value transfer \| administrative sanctions \| environmental laws \| business relationships \| criminal sanctions \| confidentiality requirements \| confiscated property \| share information \| market manipulation \| financial activity \| money laundering cases \| financial crimes \| assessment mission \| financial service providers \| securities sectors \| financial investigators \| lawful purpose \| market participants \| transaction records \| securities markets \| internal control systems \| suspicious activities \| factual circumstances \| combating money \| terrorist financing investigations \| professional secrecy \| money laundering activities \| internal procedures \| due diligence procedures \| criminal case \| supervisory process \| money remittance \| customer identification information \| financial supervision \| financing abuse \| reporting obligations \| legal assistance requests \| suspicious transactions reporting \| combating money laundering \| licensing process \| money laundering typologies \| compliance function \| regulatory authority \| legal obligations \| national centre \| professional privilege \| civil forfeiture \| criminal law enforcement \| investigative powers \| assessment methodology \| foreign regulators \| customer identity \| secrecy provisions \| restrictive conditions \| foreign jurisdiction \| domestic legislation \| non financial businesses \| confiscated assets \| regulatory bodies \| supervisory bodies \| criminal laws \| administrative liability \| supervisory responsibilities \| illegal proceeds \| laundered property \| charitable organizations \| supervisory agencies \| combat money laundering \| secrecy laws \| financial transaction records \| designated thresholds \| domestic law \| customer identification requirements \| ensuring compliance \| financial records \| foreign regulatory \| account number \| bank account records \| fictitious names \| criminal proceeds \| funds transfers \| assessment procedures \| risk scenarios \| false documents \| investigative agencies \| financial intermediaries \| insider trading \| legal entity \| mutual evaluation \| judicial authorities \| supervisory authority \| unlawful origin \| laundering activities \| transferring funds \| criminal offence \| tax matters \| foreign banks \| counter money laundering \| illicit trafficking \| illicit funds \| extraditable offenses \| criminal group \| international funds transfers \| legal infrastructure \| predicate offences \| illegal migration \| foreign counterpart \| letters of credit \| fact finding \| money laundering issues \| law enforcement databases \| insurance contract \| criminal acts \| foreign authorities \| foreign jurisdictions \| banking supervisors \| cross border transportation \| water navigation \| adequate safeguards \| criminal behavior \| internal audit procedures \| anti money laundering \| money launderers \| face value \| criminal justice system \| terrorist attacks \| criminal investigation \| securities activities \| assessing compliance \| customer acceptance \| law enforcement officials \| know your customer \| large cash transactions \| predicate crimes \| collective investment schemes \| independent source documents \| suspicious activity reports \| powers of search \| mineral rights \| reporting requirements \| money laundering measures \| confiscation proceedings \| criminal justice \| regulatory frameworks \| lawful origin \| face to face meetings \| risk categories \| money orders \| narcotic drugs \| money laundering threats \| insurance supervisors

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 08/305 24 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011244870