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  • Money Laundering
Introduction
 
Money Laundering & terrorist funding is a global challenge and a declared criminal activity in most countries. The U.A.E government also has promulgated Federal Law No.4 criminalizing money laundering activities.
 
Under the aforesaid Federal Law, the U.A.E. Central Bank has issued Anti-Money Laundering Regulations which encompass the Forty Recommendations on combating Money Laundering and the Eight Special Recommendations on combating Terrorist Financing, issued by Financial Action Task Force (FATF) established by G7 countries.
 
Financial Institutions including Money Services providers licensed to operate in the U.A.E. are legally liable to comply with these regulations requiring but not limited to; due diligence checks, monitoring of financial transactions to detect and report possible money laundering transactions.
 
Definition of money laundering
 
Money laundering refers to any transaction aimed at concealing and/or changing the identity of illegally obtained money, so that it appears to have originated from legitimate sources, where in fact it has not. This includes monies that are destined to finance terrorism or criminal acts. Examples are money derived from illegal activities such as;
 
  • Narcotics and psychotropic substances.
  • Kidnapping, piracy and terrorism.
  • Offences committed violation of the environmental laws.
  • Illicit dealing in fire-arms and ammunition.
  • Bribery, embezzlement, and damage to public property.
  • Fraud, breach of trust and related offences.
  • Any other related offences referred to in International Conventions to which the U.A.E. is party.
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