UAE passes law to combat money laundering, terror financing
31 Oct 2018

The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.

The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.

FATF is an international organisation that sets global standards for fighting illicit finance.

The UAE has been tightening its financial regulation to try to close regulatory gaps and overcome a perception that it is a hot spot for illicit money flows owing to its raft of free trade zones and geographic proximity to Iran.

– By Tom Arnold, Reuters, 30 October 2018.

Link to Reuters.

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
No Responses to “UAE passes law to combat money laundering, terror financing”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.