Executive summary of the published paper
The fight against money laundering crimes has received international and local attention in the
country, due to the seriousness of the crime on the international and internal community, which
undoubtedly has many negative effects in economic, social and political terms, and among the
effects of money laundering crimes are the increase in crimes and corruption, threatening
economic stability and weakening financial institutions.
Through regulatory and legislative applications, we find the tireless efforts of the state in
strengthening the legislative and regulatory system in combating money laundering crimes and
the prominent role of the state at the international and national levels, and the UAE legislator has
clarified that anyone who was aware that the funds were obtained from a felony or misdemeanor
and deliberately transferred or transferred the proceeds or conducted any operation with the
intention of concealing or disguising their illegal source, or concealed or disguised the truth of
the proceeds, or their source, is considered a perpetrator of the crime of money laundering. or its
place, manner of disposal, movement, ownership or rights thereof, or acquired, possessed or used
the proceeds upon receipt, or assisted the perpetrator of the predicate crime to escape
punishment. The United Arab Emirates (UAE) has made significant strides in combating money laundering.
(ML) and terrorist financing (TF) in recent years. The country has implemented a comprehensive legal and regulatory framework, and has established a strong supervisory regime to oversee the implementation of AML/CFT measures. (FATF, 2021)
Key findings of published research on combating ML in the UAE:
· The UAE has a well-developed AML/CFT framework that is broadly aligned with international standards.
· The country has made significant progress in implementing its AML/CFT framework, but there are still some areas for improvement.
· The UAE has a strong track record of enforcement against ML/TF.
· The country has a good level of international cooperation on AML/CFT.
Main findings are:
1. The system in the United Arab Emirates, with its legislation, regulations and organizing committees, is considered a sober and deterrent system for the current era and changes.
2. The Central Bank of the United Arab Emirates plays a major role through continuous guidance bulletins for the banking sector in terms of roles and responsibilities in detail in the event of any suspected money laundering operation.
3. Current legislation plays several roles, sometimes we find legal articles or regulations aimed at preventive roles prior to the process of money laundering and sometimes we find legal articles aimed at establishing deterrence through the imposition of the most severe penalties and penalties in the state.
For more information you can find the full research paper on the following link:
Dr. Muhamad Jumaa
Faculty, College of Business Administration
Jumeira University, Dubai — United Arab Emirates.