21 September 2020, 12:17
Tagline
21 September 2020, 12:17
Tagline
In the past years, the UAE has made significant improvements to its AML/CFT system. The UAE has demonstrated a high-level commitment to better understand and mitigate its money laundering/terrorist financing.
The Dubai Financial Services Authority (DFSA), the Abu Dhabi Financial Services Regulatory Authority (FSRA), have developed a detailed understanding of ML/TF risk.
DIFC: Established in 2004, the DIFC is home to companies of banking and financial institutions and has, since its inception, grown to become one of the top financial centers in the world.
Important Regulators:
1. UAE Securities & Commodities Authority
2. UAE Central Bank
SARs must be submitted to the DFSA:
In discharging its regulatory mandate, the DFSA has a statutory obligation to pursue the following objectives.
The main risks faced by the UAE are at the moment a wide range from: terrorist financing, and a range of ML activities including professional third-party money laundering, cash-based money laundering, abuse of legal persons, trade-based money laundering and the laundering of proceeds, particularly from foreign predicate offences including fraud, tax offences and organised crime.
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