IWT Financial Flows Toolkit launched to support financial institutions
A toolkit aimed at supporting financial institutions in addressing and reporting suspicious transactions relating to the illegal wildlife trade (IWT) has been launched. Developed by the UK Serious Organised Crime Network in collaboration with the UAE government, WWF, TRAFFIC and Themis, the IWT Financial Flows…
UAE added and Pakistan kept on FATF grey list
The UAE is the only new jurisdiction to have been put on the Financial Action Task Force (FATF) ‘grey list’ of countries at the global financial watchdog’s plenary meetings last week. The emirates are now actively working with the task force to address strategic deficiencies…
UAE launches assessment of proliferation financing risks as FATF ‘grey list’ decision looms
The UAE has launched a comprehensive assessment of proliferation financing risks as it strives to avoid being placed on the Financial Action Task Force (FATF) ‘grey list’ of countries with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes. In April…
UAE in danger of inclusion on FATF grey list
The UAE is in danger of being added to the Financial Action Task Force (FATF) grey list of jurisdictions with “strategic deficiencies” in their anti-money laundering and counter financing of terrorism (AML/CFT) regime according to a report by the Bloomberg news agency. Inclusion on the grey could…
UAE issues new AML/CFT guidance for financial institutions serving cash-intensive businesses
The Central Bank of the UAE has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements for licensed financial institutions that provide services to cash-intensive businesses. Financial institutions should demonstrate compliance with the new requirements within one month from 28…
UK and UAE launch Partnership to Tackle Illicit Financial
A new Partnership to Tackle Illicit Financial Flows (PTIFF) has been launched by the UK and the UAE. The partnership will focus on targeting organised crime and those financing terrorism.
UAE banks have one month to comply with new transaction monitoring and sanctions screening guidelines
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect.
Penalties and fines from July as UAE seeks to impose beneficial ownership transparency
Penalties and fines of up to 100,000 dirhams (AED100,000 – US$27,223) are in the offing for UAE-based companies that fail to comply with reporting beneficial ownership information under new regulations that take effect on 1 July. The UAE has already launched a campaign to ensure…
UAE launches blockchain platform to curb double-financing and misinvoicing
The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. UAE Trade Direct then intends turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices and, in time, expects to manage letters of credit…
Anti-corruption group report critical of banks and their role in IFFs flowing from Nigeria to the UK and UAE
Nigerian NGO Human and Environmental Development Agenda (HEDA) has published a three part report on policies, laws and practices in the UK and the UAE as well as domestically in relation to the roles of financial and non-financial institutions in the facilitation of illicit financial…
