Osama Aljarrah, MBA’s Post

The UAE has introduced the New AML (Anti-Money Laundering)/CFT (Counter-Financing of Terrorism) Strategy for 2024-2027, continuing to lead in adherence to international financial standards with its proactive measures against money laundering and terrorist financing. This initiative highlights the UAE’s commitment to enhancing financial transparency and security, forming part of a comprehensive set of actions designed to maintain the highest global financial standards and protect against emerging threats. https://lnkd.in/dPNGQDrA

The UAE's financial sector has made impressive strides in combating money laundering and terrorist financing, as reflected in its 16-place improvement in the Basel Anti-Money Laundering Risk Index from 2021 to 2023. This advancement not only bolsters investor confidence but also streamlines international transactions, solidifying the UAE's position as a key player in global finance. #UAE #AntiMoneyLaundering #FinancialServices #Investment #EconomicGrowth #AML #CTF #FinancialSecurity #InvestorConfidence #GlobalFinance #BusinessEnvironment

The UAE's ranking in the Basel Anti-Money Laundering Risk Index improved by 16 places from 2021 to 2023. This reflects the combined efforts of the government agencies and private sector to implement improved standards of compliance to combat money laundering, terrorist financing and proliferation financing. It is good to read in this article that these efforts are already paying off, not just in an improved ranking, but an increase in business and investment. #aml #uae #compliance

🌐 𝗞𝗮𝘇𝗮𝗸𝗵𝘀𝘁𝗮𝗻 𝗮𝗻𝗱 𝗨𝗔𝗘 𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝗔𝗠𝗟/𝗖𝗙𝗧 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻 Kazakhstan and the UAE are enhancing their partnership to tackle money laundering (AML) and terrorist financing (CFT). On Oct. 28, Kazakhstan’s Financial Monitoring Agency hosted UAE officials led by Secretary-General Hamid Al Zaabi. The discussions covered key areas, including digitalizing risk assessment processes, identifying illegal virtual asset usage, and addressing professional money laundering and drug trafficking. Key agreement: UAE will support Kazakhstan’s AML system by enhancing professional training, particularly through the Association of Certified Anti-Money Laundering Specialists (ACAMS). Since the beginning of 2023, Kazakhstan has investigated 57 financial pyramid cases, with losses amounting to 20 billion tenge (US$40.7 million), underlining the need for reinforced cross-border financial integrity. #AML #CFT #Kazakhstan #UAE #AntiMoneyLaundering #FinancialCrime #RiskManagement #Compliance #CrossBorderFinance #ACAMS https://lnkd.in/dE93CHab

Using new tools it has developed, the UAE has confiscated more than $1.4bn as part of efforts to tackle illicit transactions, says Hamid Al Zaabi, director general at the Executive Office of Anti-Money Laundering and Counter Terrorism Financing. Learn more from this EXCLUSIVE interview with The National News. #moneylaundering #finance #UAE #financialcrime

Following approval by the UAE Cabinet on 2nd September, the UAE has announced its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF). Cabinet approval of the strategy follows ratification by the Higher Committee Overseeing National Strategy on AML and CFT. The strategy, which is formulated around 11 strategic goals, outlines the legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society. #UAE #AntiMoneyLaundering #Finance #Finance360

Jurisdictions under increased monitoring are working with the FATF to address deficiencies in their regimes for countering money laundering, terrorist financing, and proliferation financing. The FATF closely monitors these jurisdictions' progress, urging them to complete their action plans within agreed timeframes, while encouraging a risk-based approach rather than de-risking entire customer classes. {No longer subject to FATF Increased Monitoring} Jamaica Türkiye

🌍 **Global Financial Integrity Update** 🌍 The Financial Action Task Force (FATF) has published its latest assessment on jurisdictions under increased monitoring. ⚠️ **New Additions:** Monaco 🇲🇨 and Venezuela 🇻🇪 are now on the increased monitoring list. Both have pledged to swiftly address their strategic deficiencies in combating money laundering and terrorist financing, working closely with FATF to enhance their frameworks. 🌟 **Positive Developments:** Jamaica 🇯🇲 and Türkiye 🇹🇷 have successfully tackled their strategic deficiencies in money laundering, terrorist financing, and proliferation financing. As a result, they are no longer under increased monitoring #Finance #Compliance #FATF #MoneyLaundering #GlobalSecurity [Read more](https://lnkd.in/dYrDD3_K)

🌐 What to do as a #ComplianceOfficer, following the announcement that a country is placed in the FATF “grey list”. ▶ On 28th of June 2024, #FATF identified additional jurisdictions, that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. ⏩ But what actions should be taken from the Compliance Officers, in a reaction to the FATF’s communique? ▶ When a country is placed on the Financial Action Task Force (FATF) grey list https://lnkd.in/eymY8UP2, it signifies that the country has deficiencies in its anti-money laundering (#AML) and counter-terrorism financing (#CTF) frameworks. Enhanced due diligence (#EDD) measures are therefore required to mitigate the heightened risk of financial transactions involving entities from that country. ▶ Here are some common EDD measures implemented in response: 📌 Increased Monitoring of Transactions: Calibrate/Parameterize your #automatedtransaction monitoring systems, in a manner of rule-based approach, in order to be able to increase in the highest level the scrutiny of transactions involving entities or individuals from the #greylisted country. This involves on going monitoring for #suspicious patterns and conducting more frequent transaction investigations. 📌 Comprehensive #RiskAssessment: Start immediately to perform a thorough risk assessment for clients and transactions linked to the grey-listed country. This includes evaluating the client's business activities, sources of funds, and the overall risk profile. 📌 Enhanced Client Due Diligence (#CDD): More rigorous background checks and verification processes should implemented for clients from the grey-listed country. This could include verifying identities, obtaining additional information on the purpose of transactions and business relationships and understanding the client's business operations in detail. 📌 Increased Reporting Requirements: There may be a requirement for more detailed and frequent reporting to #regulators and financial intelligence units ( #FIUs) regarding transactions involving the grey-listed country. Suspicious activity reports (#SARs) might need to be filed more frequently. 📌 Approval from Senior Management: Transactions or the establishment of business relationships with entities from the grey-listed country may require approval from #seniormanagement. ⚠ Onsite Inspections and Audits: It might be necessary, especially if your organization is heavily relied or have strong business links with the grey-listed country, to conduct an #onsite visit and #audits of the financial institutions located in the country in question, to ensure #compliance and to verify that appropriate controls are in place. ⚠ Restrictions on Certain #Transactions: In some cases, it might be necessary to restrict or avoid certain types of transactions with the grey-listed country altogether.

Money laundering and terrorism financing have serious implications for economies and societies worldwide, leading countries to implement stringent anti-money laundering (AML) regulations. The UAE, being a prominent international financial hub, has established robust AML and Counter-Terrorism Financing (CFT) regulations to protect its financial system. The UAE’s AML regulations are enforced by various supervisory authorities, such as the Central Bank of the UAE (CBUAE), Dubai Financial Services Authority (DFSA), and Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). This article explores the AML framework in the UAE, key requirements, and consequences for non-compliance with AML regulations.  https://lnkd.in/dKmhnY9S #ATBLegalInsolvency #LegalConsulting #MiddleEastRegulatoryUpdates