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UAE central bank sees COVID-19 increasing money-laundering risks

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

UAE’s anti-money laundering body endorses framework for virtual assets

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

The wealthy clients of Pilatus Bank

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
13th August 2021
Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines. This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities. “Some… Read More
12th August 2021
By Kira Zalan, Purity Mukami, Juliet Atellah and John-Allan Namu, OCCRP, 11 August 2021 OCCRP – In June, Kenya’s President Uhuru Kenyatta announced a lofty goal: vaccinating the entire adult population of 27 million against COVID-19 by the end of the year. But a long-time problem –– the… Read More
9th August 2021
The ‘Dubai list’ of offshore holdings belonging to Maltese nationals contains no bank account information and is limited to property and high-value assets. Sources said information on real estate, yachts and other assets in the Gulf emirate, owned by some 20 Maltese nationals, were being reviewed by tax officials… Read More
6th August 2021
Deutsche Bank AG, Standard Chartered Plc and Danske Bank A/S were sued by the families of Americans killed and wounded during the war in Afghanistan who claim they “knowingly facilitated transfers of millions” of dollars that provided aid to terrorists in the region. The banks and two money… Read More