An article from Transparency International on 11 May says that the recent AML/CFT report from FATF on UAE is damning, to say the least. The article says that the report highlights several major weaknesses in the UAE’s AML framework. Not least, a chaotic approach to registering companies, making it incredibly difficult for law enforcement to find out who is actually behind a suspicious company registered in the Emirates – with 39 different registries operating across the 7 Emirates. The UAE booming construction and real estate sector emerges as another major weakness, it says. The article goes on to highlight UAE involvement in a number of recent scandals.
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