The UAE continuously tightens its rules and regulations concerning anti-money laundering (AML) and Counter-Terrorism Financing (CTF). It is constantly committed to its goal and vision to establish itself as the global centre for international businesses and commits to the highest standards possible in all streams. UAE aims to continuously improve the government operations in a comprehensive institutional manner and implement it to effectively counter the risks associated with money laundering & terrorism financing and that of illegal organizations developing in the region.
In this article, we will discuss some of the recent changes in AML and CTF measures in the UAE.
New Guidelines from UAE Central BankA critical part of UAE Central Bank is to ensure that all licensed financial institutions have a deep comprehension of their role in mitigating and addressing the risk of illicit activities in the UAE’s financial system
Stringent Legal Measures:
The National Strategy to AML/CFT thus reflects the unrelenting commitment of UAE in its mission to ensure that it will not be viewed as a country in which criminals can carry out operations in money laundering or terrorism financing, nor can they route or transfer any proceedings that have originated through any criminal activity.