Hammad & Al-Mehdar Law Firm’s Post

#Event: Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organisations (NAMLCFTC), highlighted the UAE's progress in combating financial crimes at the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting in Abu Dhabi. #UAE_Objective: The UAE is committed to preserving the integrity and sustainability of its financial and economic system, while also protecting the global financial system. #Discuss_2023_Results: - Over AED254 million in fines related to money laundering. - Seizure of assets valued at more than AED2.348 billion. - Central Bank of the UAE conducted 119 field inspections and imposed nearly AED113 million in fines. - Ministry of Economy conducted 3371 field inspections and imposed AED101 million in fines. #Gold_Sector_Monitoring: - Suspicious activity reports in the gold sector increased from 223 in 2021 to 6432 in 2023. - Inspections increased twentyfold, resulting in AED78.65 million in fines. - 32 local gold refineries suspended for failing to comply with anti-money laundering laws, with 256 violations recorded. #International Cooperation: UAE has signed 45 Mutual Legal Assistance treaties and plans to sign more in 2024-2025 in collaboration with the Ministry of Justice. #UAE #FinancialCrimes #AntiMoneyLaundering #AML #TerrorismFinancing #Compliance #GoldSector #FinancialIntegrity #EconomicSustainability #GlobalFinancialSystem #APG2024 #NAMLCFTC #UAECompliance #MutualLegalAssistance

Navigating the complexities of anti-money laundering (AML) and combating terrorist financing is crucial for businesses operating in today's global landscape. Bedoor Alrabiah بدور الربيعه, Legal Director at GLA & Company. has written a practical guidance on Combatting Money Laundering and Terrorist Financing, providing invaluable insights into the Kingdom of Saudi Arabia's Royal Decree No. M20/1439 Anti-Money Laundering Law. Elevate your legal expertise with our comprehensive legal intelligence database and gain access to this invaluable resource here: https://lnkd.in/d35v4efW #AML #ComplianceGuidance #SaudiArabia #MoneyLaundering #TerroristFinancing

UAE removed from the FATF “grey list” On 23 February 2024, the UAE was removed from the Financial Action Task Force’s (FATF) list of“Jurisdictions under Increased Monitoring”, the so-called “grey list”. The UAE has been on the grey list sinceits inclusion on 4 March 2022. This signifies a positive development for the country. The FATF Plenary meeting, held in Paris from 19-23 February 2023, approved the UAE’s exit from the follow-up process under the International Cooperation and Review Group (ICRG) and its name to be removed from the grey list after the implementation of all action items and requirements of the action plan. The FATF and its members congratulated UAE on this major achievement, which proves the country's effectiveness and commitment to sustaining efforts, in combating money laundering and terrorism financing. UAE plays a leading global role in combating financial crime, the next steps for UAE are as follow: (a) We anticipate unveiling the findings and insight from the latest National Risk Assessment (NRA) in2024. (b) A forthcoming launch of the next national AML/CTF strategy for period 2024 -2027. (c) We expect FATF to perform their next Mutual Evaluation Review (MER) of the UAE in 2026. 📨 info@corpera.eu | ☎️ +357 25 000046 #UAE #FATF #greylist #Dubai #Corpera

India and Qatar Collaborate Against Money Laundering and Terror Financing In a step toward enhancing international cooperation, the Financial Intelligence Units (FIUs) of India and Qatar convened in New Delhi on November 4-5, 2024. This high-level engagement reflected the shared commitment of both nations to combating money laundering and terror financing. FIU-Qatar praised India's FINNET 2.0 IT system, recognizing its advanced capabilities in financial intelligence. Discussions also explored India's Public-Private Partnership Initiative and Private-Private Partnerships as models for collaboration within the Anti-Money Laundering and Combating the Financing of Terrorism ecosystem. Both sides emphasised the importance of seamless information sharing, building on the 2016 MoU between FIU-IND and FIU-Qatar. FIU-IND facilitated two on-site visits for the Qatari delegation, offering valuable insights into India's AML/CFT operations and stakeholder engagements. The visit sets the stage for deeper collaboration between India and Qatar, leveraging technology, strategic analysis, and cross-sector partnerships.

The United Arab Emirates (UAE) has unveiled a new national strategy to combat money laundering, terrorism financing, and proliferation financing. The strategy, approved by the UAE Cabinet, outlines a comprehensive approach to address these illicit activities and align with international standards. Cabinet approval of the strategy follows ratification by the Higher Committee Overseeing National Strategy on AML and CFT. The national strategy focuses on key pillars of risk-based compliance, effectiveness and sustainability. These include: - Enhancing national and international coordination to improve information exchange and partnerships. - Ensuring effective supervision of AML, CFT, and CFP obligations within the private sector. - Strengthening detection, investigation, and disruption of illicit financial activities. - Optimising human and technical resources Improving data collection and analysis - Continuously updating the legal and regulatory framework to adapt to evolving risks and support transparency and the rule of law. The strategy includes a focus on the risks posed by virtual assets and rapidly advancing forms of cybercrime. The strategy aims to protect the UAE's financial system, maintain its reputation as a leading international financial center, and safeguard the country's economy and society from illicit activities. . . . . #UAEAMLUpdate #AMLCompliance #UAERegulations #AntiMoneyLaundering #AMLPolicy #FinancialRegulations #RiskManagement #AMLRiskAssessment

The UAE has joined the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) as an observer, becoming the first regional country to do so. It also holds observer status in the Asia-Pacific Group on Money Laundering (APG) and is a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF). ✅ As an observer in the EAG, the UAE will: ↗️ Actively engage in discussions. ↗️ Share expertise and support initiatives. ↗️ Strengthen regional efforts to combat money laundering and terrorist financing. The EAG observer group includes 16 countries and 23 international organisations working to address financial crimes globally. This move reinforces the UAE’s commitment to the Financial Action Task Force (FATF) global network and highlights its active role in combating financial crime. For more information : 📧 advjooble@alhammadilegal.ae 📞 +971 508 511 403 #middleeast #EAG #MoneyLaundering #TerroristFinancing #legalupdates #uae #lawyers #law #dubai #unitedarabemirates

🇦🇪 UAE UPDATE 📢 🏦 Until now, the UAE's anti money laundering operations were managed by a standalone Executive Office. 🏦 🏦 🏦 The Executive Office will now be replaced by a more integrated approach, transferring responsibility to a committee better connected to other relevant authorities - enter: The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee. 🌎💰This strategic move will further strengthen the UAE’s position as a global financial hub. #antimoneylaundering #UAE

AML LAWS FOR THE REAL ESTATE SECTOR IN UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations. Cabinet Decision No. 10 of 2019 on the implementing guidelines for the Federal Decree-Law No. 20 of 2018 Central Bank of UAE issued AML/CFT Guidelines for Designated Non-Financial Businesses and Professions UAE Ministry of Economy’s Supplemental Guidance for Real Estate Sector Cabinet Resolution No. 74 of 2020 regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolutions The Supervisory Authorities for Real Estate Agents and Brokers are based on the locations they are operating in or from I. Location - Real Estate Agents & Brokers operating in or from UAE except ADGM & DIFC Supervisory Authority - Ministry of Economy II. Location - Real Estate Agents & Brokers operating in or from Abu Dhabi Global Market (ADGM) Supervisory Authority -ADGM’s Financial Service Regulatory Authority (FSRA) III. Location -Real Estate Agents and Brokers (including Developers) operating in or from Dubai International Financial Centre (DIFC) Supervisory Authority- Dubai Financial Service Authority (DFSA) #AML #REAL ESTATE #REAL ESTATE BROKERS & AGENTS #UAE COMPLIANCE

The latest report on Kuwait by FATF/MENAFATF shows that while Kuwait has strong laws to fight illegal finance activities, it still faces challenges in effectively dealing with money laundering and terrorist financing. Even though Kuwait doesn't see much violent crime, it still deals with serious issues like fraud, corruption, and crimes from other countries. Key findings: - Kuwait knows the basics about money laundering but doesn't fully understand the risks of terrorist financing. - There are more investigations into money laundering, but it's hard to get convictions, mainly because the original crime must be proven. - There are only a few successful cases against terrorist financing. - The laws meant to seize assets tied to terrorism or weapon proliferation aren't strong enough to work within the country. Recommendations: - Do better risk checks, especially for non-profits and digital asset providers. - Make laws stronger to seize assets effectively. - Improve the understanding and management of who really owns businesses across all sectors. Kuwait has improved in gathering financial intelligence and seizing criminal assets, but it needs to focus more on effective solutions to tackle these complex issues. #FinancialSecurity #AML #FATF #Kuwait

The UAE Government's recent amendments to the Anti-Money Laundering and Combating the Financing of Illegal Organizations Law include several laudable steps. The establishment of the National Committee to lead the efforts in preventing money laundering and combating the financing of terrorism is a continuation of the decisive steps that led to the UAE's removal from the FATF Grey List earlier this year. A Supreme Committee to oversee the national strategy has also been established. These measures reflect the nation's commitment to maintaining a robust financial system. LuLu Exchange, as one of the biggest cross-border payments providers in the UAE, fully and actively supports the National AML Committee in implementing appropriate controls against the misuse of the UAE financial system for money laundering, terrorism financing, proliferation financing, and financing of illicit organizations. #UAE #FinancialIntegrity #AntiMoneyLaundering