Financial Crime World

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Combating Money Laundering and Terrorist Financing: UAE Guidelines

The Central Bank of the United Arab Emirates (CBUAE) has published guidelines for financial institutions to combat money laundering, terrorist financing, and illegal organizations. The guidelines aim to provide a comprehensive framework for international cooperation, prevention, detection, and mitigation of these illicit activities.

International Cooperation

The UAE collaborates with various international organizations to effectively combat money laundering and terrorist financing. Key partners include:

  • United Nations (UN): The UAE works closely with the UN to exchange information and best practices in combating financial crimes.
  • Financial Action Task Force (FATF): The FATF is an inter-governmental organization that develops policies to prevent money laundering and terrorist financing. The UAE is a member of the FATF and adheres to its recommendations.
  • Middle East and North Africa Financial Action Task Force (MENA FATF): The MENA FATF is a regional body that aims to combat financial crimes in the Middle East and North Africa region. The UAE plays an active role in this organization.
  • Egmont Group of Financial Intelligence Units: The Egmont Group is a global network of financial intelligence units that share information and expertise to combat money laundering and terrorist financing.

AML/CFT National Strategy Framework

The UAE has developed a national strategy to combat money laundering and terrorist financing. The key objectives of this strategy are:

  • Prevent and detect money laundering and terrorist financing: The UAE aims to prevent the flow of illicit funds into the country’s financial system.
  • Enhance international cooperation and information sharing: The UAE collaborates with international partners to exchange information and best practices in combating financial crimes.
  • Improve the effectiveness of AML/CFT systems: The UAE strives to enhance its AML/CFT systems to ensure their effectiveness in preventing and detecting money laundering and terrorist financing.

Global Impact

The estimated volume of laundered proceeds is between 2-5% of global GDP. This staggering figure highlights the need for continued efforts to combat money laundering and terrorist financing globally.

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