THE UAE: A KEY PIECE IN THE GLOBAL MONEY LAUNDERING PUZZLE

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.

https://www.transparency.org/news/feature/the_united_arab_emirates_a_key_piece_in_the_global_money_laundering_puzzle

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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