MIDDLE EAST ENTREPÔT UAE HAS TECHNICALLY SOLID AML/CFT SYSTEM, BUT TOO FEW LAUNDERERS FACE CONVICTIONS, SAYS FATF
April 2nd, 2020
FATF has called on the United Arab Emirates (UAE) to work harder in tightening controls against the abuse of its complex jurisdictional set-up by money launderers and terror financiers, pointing to a weak implementation of its largely solid AML/CFT regulations by law enforcement and regulators. In its latest mutual evaluation report, FATF noted that across the UAE between 2013 and 2018, there were 282 ML cases identified by police and prosecutors of which 224 were further investigated by public prosecutors, leading to just 50 prosecutions and 33 convictions for ...
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