UAE failing to stem money laundering and terrorist financing, says watchdog 

The United Arab Emirates will be placed under a year-long observation by a global finance watchdog for failing to stem money laundering and terrorist financing. Abu Dhabi, says the Paris-based Financial Action Task Force (FATF), is not doing enough and has been urged to take extra measures to avoid being included on an international watchlist. “Generally, fundamental and major improvements are needed across the UAE in order to demonstrate that the system cannot be used for money laundering and terrorist financing,” said FATF in a report compiled after a 14-month investigation. Major improvements are required in 10 of 11 areas evaluated for preventing money laundering, the financing of terrorism and weapons of mass destruction, the report concluded. The UAE was … Continue reading UAE failing to stem money laundering and terrorist financing, says watchdog