UAE cracks down on funding banned weapons, awaits decision on dirty money list

The United Arab Emirates said it was assessing the risk of funds intended for banned weapons passing through its mall and would take steps to prevent this, pending a decision in March on whether s will be added to a dirty money watch list.

The UAE and the Financial Action Task Force (FATF), a global financial crime watchdog group, will meet in Paris in late February to assess a progress report submitted by the UAE at the end of the last year. The watchdog will update its list of high-risk jurisdictions and other supervised jurisdictions in March. A 2020 FATF report said the UAE needed “fundamental and major improvements” to avoid landing on its “grey list” of countries under heightened scrutiny.

Countries on the list risk damaging their reputations, having difficulty accessing global finance and increasing transaction costs. The UAE’s Executive Office for Combating Money Laundering and Terrorist Financing, established last February, said the financing risk assessment launched in recent weeks would help the public and private sectors implement new requirements.

“The risk assessment will cover how financial resources may be used to develop nuclear, chemical and biological weapons, including the means, technologies and dual-use goods used for their delivery,” the statement said. the official WAM news agency. “It will also highlight private sector obligations under UAE law,” he said.

The assessment is expected to be completed by the end of 2022. The United Arab Emirates, the financial capital of the Middle East and a major gold trading hub, has tightened regulations in recent years to overcome the perception that it is a hot spot for illicit money.

Executive Board has already taken steps to raise bullion trading standards https://www.Reuters.com/world/middle-east/exclusive-uae-audit-all-gold-refineries-crackdown-illicit-trade -2021-11-08 and increase ultimate owner transparency https://www.Reuters.com/world/middle-east/firms-face-owner-disclosure-uae-acts-avoid-dirty-money-list-2021 -06-30. The United Arab Emirates passed an anti-money laundering and terrorist financing law in 2018 and said strengthening its regulatory framework was a national priority.

The Ministry of Foreign Affairs said that since company registries – for special economic zones and land zones – became subject to stricter regulation since 2020, registrars have issued 65,500 warnings and 585 million dirhams (159 $.29 million) in fines, and suspended approximately 9,000 business licenses. ($1 = 3.6726 UAE dirhams)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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