UAE: Money laundering warning

Issue 1102 - 09 May 2020

The UAE has been told it needs to make “fundamental and major” reforms in a wide range of areas by the Financial Action Taskforce (FATF). The Paris-based global anti-money laundering body issued its latest mutual evaluation report on 30 April, finding that the UAE had only moderate or low levels of effectiveness in ten out of 11 key areas examined. Among areas where the UAE is falling short are access to information about the beneficial ownership of locally-registered companies and the investigation and prosecution of money laundering offences.

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