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KT edit: Chasing dirty money

Filed on October 22, 2020

(Alamy)

Through its regulations, launch of smart anti-money laundering systems like Fawri Tick, and taking legal action against law firms that are helping people in money laundering, the UAE is sending out a stern message that its openness and connectivity should not be abused for unethical practices. The Emirates has risen in status as the financial hub of the region by attracting the best financial institutes to its shores and offering them an opportunity to serve the vast untapped potential in the Middle East. The no-tax regime has helped bring great talent to the shores of the UAE and push the limits of ambition to build an urban space and living that has won plaudits from far and wide. 

Arguably such a system has benefitted all, including crooks. Which is why, over the last few years, the UAE Central Bank has also been strengthening its Anti Money Laundering and Counter Terrorist Financing framework. The suspension of 200 law firms for not following the prescribed procedures to combat money laundering is a recent example that the UAE does not want to leave an enforcement vacuum. The country is committed to stem dirty financial flows.

 





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