What are the latest anti-money laundering initiatives in the UAE for 2021?
As the world’s largest market leader, maintaining the credibility of the financial market and preventing the entry of any criminal organization or illegal act categorized as a breach of trust is critical. Money laundering may be done by individuals or organizations to acquire money, property, or services for personal or commercial benefit. The government of the United Arab Emirates recently released an updated and more comprehensive anti-money laundering strategy. It includes a list of violations as well as administrative sanctions imposed in order to deter money laundering in the UAE and take effective counter-terrorist financing steps. The regulation is based on UAE federal legislation and is designed to comply with international Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) standards. The law is based on UAE federal legislation and is designed in consultation with the Financial Action Task Force to meet international Anti-Money Laundering (AML) ...