Top officials from the anti-money laundering task forces of the UAE and Egypt met as the two countries seek to strengthen co-operation in the fight against illicit financial activity.
The two sides reviewed the “most prominent regional developments and co-ordination between them” in the sector, UAE state news agency Wam reported on Thursday.
The UAE has continued its efforts to “inform international and regional partners on the latest developments in its national action plan and notable projects and initiatives” that it is working on, said Hamid Al Zaabi, director general of the UAE's Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT).
The measures are designed to ensure a “sustainable framework to combat money laundering and counter terrorism financing”, he said.
The UAE has been at the forefront of the fight against illegal financial activity as it seeks to promote a secure ecosystem in the country.
The Covid-19 pandemic led to an increase in money laundering and terrorist financing, fraud, cyber attacks, bribery and corruption across the financial system, the UAE Central Bank said in September.
This week, the Central Bank issued guidelines to help licensed financial institutions to combat money laundering and terrorism financing, as well as mitigate risks related to payments and politically exposed persons.
Licensed financial institutions, including lenders, are now obliged to develop internal policies, controls and procedures to manage such risks to remain compliant with AML/CFT regulations.
Last month, the UAE's AML/CFT committee announced that it had imposed fines of more than Dh41 million ($11m) in the first six months of 2022 as it continued to rein in illicit financial activity.
In June, Dubai Police arrested brothers Atul and Rajesh Gupta after an Interpol Red Notice was issued against them on charges of allegedly looting billions from state-owned companies in South Africa.
Days before that, the emirate's authorities arrested hedge fund trader Sanjay Shah after an international arrest warrant issued by Denmark alleged that the British citizen was a central player in a scheme in which foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible.
“The successful extradition of key suspects demonstrates the UAE's commitment to working with our international partners to pursue those who abuse the financial system,” Mr Al Zaabi said.
“Continuous communication with our partners is one of the priorities of our national agenda in the executive office. International co-operation and knowledge exchange are at the core of the UAE's efforts to fight financial crime.”
During the meeting, the UAE's AML/CFT committee presented key steps taken by the Emirates in developing an effective system to fight financial crime and strengthen its partnership with the private sector.
“The UAE has achieved outstanding results through its strategic focus on asset recovery and rapid implementation of targeted financial sanctions,” Mr Al Zaabi said.
International co-operation and knowledge exchange are at the core of the UAE's efforts to fight financial crime
Hamid Al Zaabi,
director general of the UAE's Executive Office for Anti-Money Laundering and Counter Terrorism Financing
The meeting is part of efforts to strengthen the strategic relations between the UAE and Egypt, both of which are pursuing a policy to establish peace and stability while fighting financial crime, Ahmed Khalil, chairman of the board of trustees of the Egyptian Money Laundering and Terrorist Financing Unit, said.
In June 2021, the central banks of the UAE and Egypt signed an agreement to strengthen the supervision of licensed financial institutions.
“We welcome the fruitful partnership in recent years with the UAE's national agencies,” said Hatem Aly, the regional representative of the UN Office on Drugs and Crime for the Gulf region, who also attended the meeting.
“The UAE is one of the economically and commercially pivotal countries in the region and the world.”
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
The years Ramadan fell in May
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
UAE currency: the story behind the money in your pockets
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Specs%20
%3Cp%3E%3Cstrong%3EPower%20train%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%20and%20synchronous%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%20%3C%2Fstrong%3E800hp%3Cbr%3E%3Cstrong%3EMax%20torque%3A%20%3C%2Fstrong%3E950Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20auto%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E25.7kWh%20lithium-ion%3Cbr%3E0-100km%2Fh%3A%203.4sec%3Cbr%3E0-200km%2Fh%3A%2011.4sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E312km%2Fh%3Cbr%3E%3Cstrong%3EMax%20electric-only%20range%3A%3C%2Fstrong%3E%2060km%20(claimed)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Q3%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.2m%20(estimate)%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
SPECS
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Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
