Reports of suspicious financial deals in the UAE increased by more than half last year as banks and other companies became more alert of the need to battle money laundering.
Recent sanctions against Libya and other asset freezes in the region mean financial service companies are having to step up their scrutiny of fund flows.
"There's more awareness about anti-money laundering and STRs [suspicious transaction reports] and people are better able to identify forged documents," said Abdulrahim al Awadi, the executive director and head of the Central Bank's anti-money laundering and suspicious cases unit.
Mr al Awadi said it was too early to say what impact regional unrest would have on suspicious money flows into and out of the country.
Banks and other financial and non-financial institutions made 2,711 STRs last year, up 55 per cent from 1,750 in 2009. There have already been 378 STRs flagged in the period to the end of last month.
The Central Bank has embarked on a training programme for 1,000 staff from financial service providers, financial regulators, the judiciary and other government departments. Yesterday it was the turn of companies within the Dubai International Financial Centre (DIFC).
Focus on suspicious flows is intensifying after sanctions by the UN, EU and US against assets owned by the Libyan leader Muammar Qaddafi and his officials.
The UAE was complying with the sanctions and the anti-money laundering unit was monitoring financial companies to ensure they complied with the regulations, said Mr al Awadi.
"We are going to implement all the sanctions in line with the FATF [Financial Action Task Force]," he said.
A challenge for businesses is keeping track of the differences between the sanctions, say officials. Lists of names - individuals and companies - subject to asset freezes are regularly updated.
The US resolutions are also considered more stringent than the EU, which allows for some exemption for transactions involving Libyan government-related companies.
"It's not easy to deal with any sanctions as they can cut off potential business," said a risk officer from a DIFC-based financial advisory company, who asked not to be identified.
The company is seeking legal advice about whether it could still accept payment for work it completed for a Libyan government organisation before the sanctions came into force.
"Sanctions compliance is becoming a larger part of a compliance officer's role," said Bryan Stirewalt, the managing director of Dubai Financial Services Authority (DFSA), which ensures anti-money laundering compliance among the 320 companies operating in the DIFC.
Recent regional events had not yet had an impact on STRs as most DIFC companies were international firms without financial links with affected countries, Mr Stirewalt said.
"There's going to be a lot of money on the move and it could be good money and it could be bad," he said. "It's up to firms to do their proper diligence and have your customer controls to make sure they know the difference between good and bad."
Since 2005 the DFSA has logged 93 STRs, the vast majority of which have been in the past two years. A weak economy, encouraging more people to attempt criminal transactions and an increasing number of companies working within DIFC were behind the rise, Mr Stirewalt said.
"Most to all of them relate to a blocked transaction where someone has not been able to supply information that's necessary to identify a person or source of funds," he added.
Money laundering is criminalised under federal law. Under the 2002 legislation, companies are obliged to report suspicious cases to the anti-money laundering unit.
A 2004 law criminalises transactions linked to funding terrorism.
tarnold@thenational.ae
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%20profile
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MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
FIGHT%20CARD
%3Cp%3EAnthony%20Joshua%20v%20Otto%20Wallin%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDeontay%20Wilder%20v%20Joseph%20Parker%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDmitry%20Bivol%20v%20Lyndon%20Arthur%2C%2012%20rounds%2C%20light%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDaniel%20Dubois%20v%20Jarrell%20Miller%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EFilip%20Hrgovic%20v%20Mark%20de%20Mori%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EArslanbek%20Makhmudov%20v%20Agit%20Kabayel%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EFrank%20Sanchez%20v%20Junior%20Fa%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EJai%20Opetaia%20v%20Ellis%20Zorro%2C%2012%20rounds%2C%20cruiserweight%3C%2Fp%3E%0A
No_One Ever Really Dies
N*E*R*D
(I Am Other/Columbia)
Getting%20there%20and%20where%20to%20stay
%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
