U.A.E. Risks Inclusion on Money Laundering List, Watchdog Says - Bloomberg

[Bilal Raza]

The United Arab Emirates must do more to effectively combat money laundering and terrorist funding or risk inclusion on a black list, according to the Financial Action Task Force, a Paris-based global watchdog.

While the Persian Gulf nation has improved its legal framework to fight illicit financing, “law enforcement agencies are not routinely identifying and targeting major laundering cases in line with the U.A.E.’s risk profile,” the organization said in a tweet. “There were just 33 convictions for money laundering 2013-2018.”

An official handling foreign media at the U.A.E. finance ministry and a representative for the ministry of economy didn’t immediately respond to requests for comment.

https://twitter.com/x/status/1255768688919273473
After an evaluation of the oil-rich country, the task force called for the U.A.E. government to pursue professional money launderers, close loopholes in gold and property markets, and make company structures more transparent.

Bloomberg - Are you a robot?

t.co

 

[thinking]

LoL.. every western country..flooded with corruption.. illicit.. looted .. drugs money from poor countries...How this FATF close eye from this??

 

[mrhyd]

they should go and investigate UK and Switzerland major money laundering countries in the world UAE also one of them .....

 

[Galaxy]

I fully agree with both of you. Swiss banks are full of black money so are Dubai Banks but no body see that. Like I said before these IMF.World bank,FATF are all tools to keep the colonial structure in tact.

 

[Wake Up Pakistan]

Black mailer FATF

 

[Galaxy]

It is ok if the money comes from a poor country to a western bank but try to bring more then 10.000 from western bank to a poor country.

 

[Galaxy]

Hopefully this Corona will destroy their blackmailing once for all.

 

[Raiwind-Destroyer]

middle eastern should learn from USA give money or take money in term of AId to an other country just like USA gave some many billions to israel in the name of Aid and we all know what it was used for to kill and steal lands

USa have bought every agency from UN to WHO all in the name of Aid

 

[AhmadSaleem264]

UAE is hub for money laundering a lot of capital flies from Pakistan only to be invested in dubai real state

 

[Masud Javed]

UK should also be called a money laundering hub

 

[Galaxy]

This Dubai business will bust soon insha Allah.