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Riyadh, which has designated several AQAP and Islamic State-Yemen individuals and entities.
The UAE Central Bank s Financial Intelligence Unit is credited in
State Department terrorism reports with providing training programs to
UAE financial institutions on money laundering and terrorism financing, and making mandatory the registration of informal financial transmittal networks (hawalas). During 2018 and 2019, the government enacted and issued implementing regulations for updated anti-money laundering laws./92
However, in
April 2020, the FATF found that the
United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and risks being including in the body s watchlist of countries found to have strategic deficiencies in AMF/CFT - the so-called grey list. /93
January, 11, 2021
The Central Bank s Financial Intelligence Unit (FIU) has fined three finance companies mainly for violating Financial Institutions (Customer Due Diligence) Rules, No. 1 of 2016 in relation to sanctions screening.
By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliances with the provisions of the FTRA. The penalty may be prescribed taking into consideration the nature and gravity of relevant non- compliance of the Financial Institution or the Designated Non-Finance Business.
Accordingly, as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in the country, the FIU imposed penalties amounting to Rs.2.3 million in total for the period from 01.06.2020 to 31.12.2020 to enforce compliance on Financial Institutions.