Money laundering has been a global problem over the last few decades. Every year, billions of dollars are smuggled across international borders, and thousands of criminals go unpunished, as it is difficult to trace as they are affiliated with other crimes. As a result, policymakers and officials who track the financial sector place a high emphasis on money laundering. It is the process of concealing, or “laundering,” illegally obtained funds to conceal the source of the funds and make them appear legitimately obtained.
Despite the country’s efforts to combat financial, organized, and terrorist crimes, money laundering remains a problem. The U.A.E has a robust anti-money laundering (AML) scheme in place to guard against the threat of money laundering and terrorist financing.
Since 2001, the UAE Government (UAEG) has taken steps to help monitor cash flows through the UAE financial system and to cooperate with international efforts to combat terrorist financing. The UAE has enacted two laws that serve as the foundation for the country’s Anti Money Laundering (AML) and counterterrorist financing (CTF) efforts: Law No 4/2002, the Anti Money Laundering law, and Law No. 1/2004, the counterterrorism law.
Although the Anti-Money Laundering law criminalizes money laundering, Administrative Regulation No. 24/2000 provides guidelines for how financial institutions are to monitor for money laundering activity.
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