UAE: UAE imposes Dh 41m in fines for anti-money laundering (AML) offences in the first half of 2022

By BMS AUDITING

The Emirates has doubled efforts to assist in international co-operation

UAE: UAE imposes Dh 41m in fines for anti-money laundering (AML) offences in the first half of 2022

The UAE has been on the forefront of the struggle towards illicit monetary exercise, because it seeks to advertise a safe system to spice up confidence in customers and companies. UAE has imposed a fine of over 41M Dh. ($11M) on anti-money laundering by the AML task force during the months of this year, as this illegal activity prevails. 

As stated by Hamid Al Zaabi, Director General of the executive office of AML/CFT to the news agency, the higher officials of the Emirates have evaluated the strategy on the AML & Countering the Financing of Terrorism (AML/CFT) and enhanced the efforts to contribute to the cases and requests of international co-operation and mutual legal assistance. 

The developments in the UAE’s struggle against illegal finance were exposed during the 15th committee meeting, commanded by Sheikh Abdullah Bin Zayed, Minister of Foreign Affairs & International Co-operation. As said by the Central Bank of UAE, COVID-19 has also been one of the factors for the increase in money laundering and financial terrorism, fraud, cyber-attacks, and corruption in the financial system.

In June, two brothers, Atul and Rajesh Gupta were arrested by the Dubai Police for issuing Interpol Red Notice for apparently looting billions from public companies in South Africa. 

The Emirates authorities had recently arrested a hedge-fund trader on an international warrant from Denmark, stating that this British citizen had been a central player in a particular scheme wherein foreign businesses pretended to be the owners of the shares in Danish companies and had claimed tax refunds for which they are not eligible. 

Money laundering activities are estimated to cross $5.8 billion by 2027, which would be double the estimate of $2.8bn in 2022, as declared by a research company Markets & Markets. 

Sheikh Abdullah bin Zayed, Minister of International Affairs and Worldwide Co-operation, chaired the fifteenth assembly of the UAE’s Larger Committee Overseeing the Nationwide Technique on Anti-Cash Laundering and Countering the Financing of Terrorism. Wam

The UAE’s AML/CFT committee mentioned authorities have reached out to the non-public sector to make sure efficient implementation of sanctions. It performed 11 outreach programmes for the non-public sector with greater than 7,000 contributors.

“The upper committee welcomed the steps taken and the progress achieved by all authorities, which displays the UAE’s dedication to combating cash laundering and terrorist financing,” the Wam report mentioned.

BMS Auditing provides high-quality services in AML monitoring and investigations across the UAE. They deliver relevant, data-driven conclusions and potential resources to identify unreliable financial activities quickly and precisely, thus reducing the false data quantity and enhancing the efficiency of AML processes by ensuring Anti Money Laundering (AML) compliance in UAE.

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