The UAE's anti-money laundering task force imposed fines of more than Dh41 million ($11m) in the first six months of 2022, as it continues to rein in illicit financial activity.
The Emirates' higher committee overseeing the national strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) also doubled its efforts to assist in international co-operation and mutual legal assistance cases and requests, state news agency Wam cited Hamid Al Zaabi, director general of the executive office of AML/CFT, as saying.
The UAE's progress in the fight against illicit finance was presented during the committee's 15th meeting, which was chaired by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation.
The financial system's rapid digital transformation has increased the vulnerability to fraud.
The Covid-19 pandemic also 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.
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.
In June, Dubai Police arrested brothers Atul and Rajesh Gupta after an Interpol Red Notice was issued against them for allegedly looting billions from state-owned companies in South Africa.
Days before, the emirate's authorities arrested hedge-fund trader Sanjay Shah on an international arrest warrant from Denmark, alleging 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.
In November, the UAE Central Bank established the Networking and Cyber Security Operations Centre to help defend the financial system's IT infrastructure against illegal activity and cyber attacks.
Senior judges in Abu Dhabi also highlighted the UAE’s efforts to fight money laundering this week. Mansour Al Marzouqi, chief justice of the Abu Dhabi Criminal Court, said anti-money laundering mechanisms were crucial in strengthening control in the fight against financial crime.
Globally, money laundering activity is projected to more than double to $5.8 billion by 2027 from an estimated $2.8bn in 2022, research firm Markets and Markets said in a report this month.
The UAE's AML/CFT committee said authorities have reached out to the private sector to ensure effective implementation of sanctions. It conducted 11 outreach programmes for the private sector with more than 7,000 participants.
"The higher committee welcomed the steps taken and the progress achieved by all authorities, which reflects the UAE’s commitment to combating money laundering and terrorist financing," the Wam report said.
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Afro%20salons
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UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
UAE currency: the story behind the money in your pockets
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
UAE currency: the story behind the money in your pockets
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Pathaan
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
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Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
