Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation said the UAE is making "strong progress" in its efforts to prevent illicit financial flows and realise the goal of making the Emirates "one of the strongest and most respected economies in the world".
He said the UAE economy, like all global financial centres, must combat "the threat of organised crime, fraud, money laundering and corruption".
"This is a growing issue for all major economies, and it’s one we in the UAE take extremely seriously," he said, writing in Forbes Middle East on Tuesday.
By continuing with our disciplined approach, we will enact a true step change in our ability to prevent illicit financial flows and realise our goal of making the UAE one of the strongest and most respected economies in the modern world
Sheikh Abdullah bin Zayed
Sheikh Abdullah wrote the UAE's approach "will enact a true step change in our ability to prevent illicit financial flows".
The UN estimates that between $800 billion and $2 trillion is laundered globally annually - around 2-5 per cent of global GDP.
While the UAE represents a tiny proportion of this huge global sum, Sheikh Abdullah said "illicit finance poses a threat to the UAE’s international reputation and to the integrity of our world-leading financial sector".
The growth of technology and the spread of globalisation have been beneificial to economies like the UAE, but they have also presented opportunities for criminals around the world.
"Our interconnected, modern global financial system needs to be protected," said Sheikh Abdullah.
"That is why I lead the Higher Committee Overseeing the National Strategy on anti-money laundering and counter-terrorist financing. Our objective is simple: to increase the UAE’s effectiveness at combating financial crime."
Anwar Gargash, the Diplomatic Advisor to the President Sheikh Khalifa, wrote on Twitter that Sheikh Abdullah's article describes a "qualitative change in the UAE's response to financial crimes".
In his article, Sheikh Abdullah set out five principles to tackle the issue.
The first is to "recognise the scale and complexity of the situation requires active partnership between government and industry".
He said divisions will be removed that will be make it easier to share knowledge across financial institutions, regulators and law enforcement agencies.
The second principle is that "we have a common goal across the economy of preventing, detecting and deterring illicit activity in the financial system".
"For example, government intelligence can often provide unique information on specific illicit actors, or trends across financial institutions and sectors, but without the specific transaction details," he said.
"Financial institutions can see payment flows within their firms but lack detailed information on illicit actors or trends across other financial institutions. Working more coherently together benefits all involved. And that is exactly what we are doing."
Thirdly, the UAE is using advanced analytics, technology, investigation and public-private partnership to sharpen its collective defences.
"This is enabling our experts to join dots in real time, applying their judgement quickly to complex themes and fast emerging patterns," Sheikh Abdullah said.
Fourth, the UAE is working closely and collaboratively with international partners.
"In September 2021, UAE Minister of State Ahmed Al Sayegh signed a first of its kind partnership to tackle illicit financial flows with UK Home Secretary Priti Patel. Enhanced intelligence sharing and joint operations are already delivering notable successes," he said.
The fifth principle is to continue to conduct economy-wide risk assessments on money laundering and terrorist financing.
"Alongside this, we are significantly investing in the UAE’s financial crime capabilities," he said.
"Sectors at higher risk of financial abuse, such as gold trading and real estate, have been comprehensively moved onto the federally-managed anti money laundering reporting system since May last year."
He said financial institutions, accountants, auditors, dealers in precious metals and stones and property brokers are all now each required to monitor and report suspicious transactions.
In addition, special money laundering courts have been established in Abu Dhabi and Dubai, tightening the enforcement regime within the UAE’s largest business and trade centres. The good news is we are already making strong progress
Sheikh Abdullah bin Zayed
Law enforcement also has access to a comprehensive database of beneficial ownership on UAE entities.
Sheikh Abdullah said the UAE Financial Intelligence Unit, which assesses suspicious activity reports with a view to launching investigations, has doubled staffing levels. From 2019 to 2021, money laundering cases secured a 94 per cent conviction rate in 243 instances.
"The UAE Central Bank, the Ministry of Justice, and the Ministry of Economy have each been active in announcing renewed guidance on anti-money laundering and counter-terrorist financing," he said.
"In addition, special money laundering courts have been established in Abu Dhabi and Dubai, tightening the enforcement regime within the UAE’s largest business and trade centres. The good news is we are already making strong progress."
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.
GAC GS8 Specs
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Power: 248hp at 5,200rpm
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Transmission: 8-speed auto
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Killing of Qassem Suleimani
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
The%20Sandman
%3Cp%3ECreators%3A%20Neil%20Gaiman%2C%20David%20Goyer%2C%20Allan%20Heinberg%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Tom%20Sturridge%2C%20Boyd%20Holbrook%2C%20Jenna%20Coleman%20and%20Gwendoline%20Christie%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
The specs
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Power: 261hp at 5,500rpm
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Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Mohammed bin Zayed Majlis
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