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UAE, UK to conduct exercise to toughen border controls against illicit finance

ABU DHABI, 31th October, 2021 (WAM) — The UAE Federal Authority for Identity, Citizenship, Customs & Port Security recently partnered with the United Kingdom’s National Economic Crime Centre (NECC) to run an exercise designed to combat the smuggling of significant volumes of cash and gold from UK airports. Read more… Read More

UAE intensifies efforts to combat money laundering and terrorism financing crimes, and strengthen deterrent penalties for perpetrators

– UAE intensifies efforts to combat money laundering and terrorism financing crimes, and strengthen deterrent penalties for perpetrators – UAE extends strong support for global efforts to combat money laundering crimes in compliance with the standards of the International Financial Action Task Force – Counselor Ismail Ali Madani: “Unifying the… Read More

Cambridge University halts £400m deal with UAE over Pegasus spyware claims

The University of Cambridge has broken off talks with the United Arab Emirates over a record £400m collaboration after claims about the Gulf state’s use of controversial Pegasus hacking software, the university’s vice-chancellor has said. By Richard Adams, Georgia Goble and Nick Bartlett, The Guardian, 14 October 2021 Read more… Read More
13th October 2021
The UAE is developing a new law that will further regulate fundraising and donations for charity in the country to tackle money laundering. The legislation – or the ‘Fundraising Regulatory Law’ – will apply to non-government organizations soliciting funds in the country, according to a senior government official. By Jennifer… Read More
20th September 2021
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday. The use of unlicensed money service providers for money laundering has increased during the coronavirus crisis last year, the… Read More
8th September 2021
A United Arab Emirates committee tasked with fighting money laundering has endorsed a regulatory framework for virtual assets, the Gulf state’s central bank said on Wednesday. The National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organisations has “announced the adoption of a regulatory framework for virtual assets… Read More
8th September 2021
Pilatus Bank, a small private bank opened in Malta in 2013, was perhaps most notorious for its personal, ‘secret’ business model, largely catering for politically exposed persons (PEPs) under strict rules of due diligence. Having started operations in January 2014, the bank, owned by Ali Sadr Hasheminejad, a US-naturalised Iranian… Read More
2nd September 2021
The United Arab Emirates said on Tuesday its Public Prosecution office would be allowed to investigate ministers and senior officials suspected of wrongdoing in order to enhance accountability. The public prosecutor can receive complaints against any senior official and they will be referred for investigation in coordination with the UAE’s… Read More
1st September 2021
Pilatus Bank has been fined a record €4.9 million for a “serious and systemic failure” to follow anti-money laundering laws at the now-shuttered bank. In a notification on its website, the Financial Intelligence Analysis Unit (FIAU) on Tuesday said the bank’s lax approach to due diligence on its customers… Read More
23rd August 2021
The Dubai Misdemeanour Court has convicted eight individuals and three companies for cyber fraud and laundering of stolen funds amounting to about Dh14 million ($3.81m), as the UAE continues to combat financial crimes. One of the defendants hacked into a company’s bank account and fraudulently transferred money into his own… Read More
23rd August 2021
Dubai has formed a specialist court that will focus on fighting money laundering and other financial crimes, as the emirate seeks to strengthen the integrity of its financial system and support nationwide efforts to clamp down on money laundering. The new entity will be set up within the Court of… Read More
20th August 2021
One of Italy’s most wanted men, an alleged top drug trafficker suspected of having bought two stolen Van Gogh paintings on the black market, has been arrested in Dubai. Raffaele Imperiale, an alleged kingpin in the Naples-based Camorra organised crime syndicate, was arrested on 4 August, Italy’s state police… Read More
19th August 2021
The Central Bank of the UAE issued fresh guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) to Registered Hawala Providers in the UAE and Licensed Financial Institutions that provide services to RHPs. The new set of directions will help in effective implementation of the statutory AML/CFT obligations… Read More