The United Arab Emirates said on Wednesday it was assessing the risks of funds for banned weapons being funneled through the regional shopping and mall, as part of its effort to avoid creating a money watch list dirty before an exam in March, Reuters reports.
The UAE and the Financial Action Task Force (FATF), a global financial crime watchdog group, will hold meetings in Paris in late February before the watchdog in March updates its list of high-risk jurisdictions and other supervised jurisdictions.
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 reputational damage, difficulty accessing global finance and increased 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.
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“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 state news agency, WAM.
“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 in recent years to overcome the perception that it is a hotspot for illicit money. .
The executive office has already taken steps to raise bullion trading standards and increase transparency for ultimate owners.
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.