Solutions

Combatting Financial Crime in the UAE

Addressing key observations in the UAE FATF Mutual Evaluation Report

A positive anti-money laundering (AML) rating can have significant positive economic impact on a nation’s credit rating and ability to attract foreign investments. Fighting money laundering and terrorist financing is therefore an essential part of creating a business friendly environment, which is a precondition for economic development.

This white paper presents an overview of the focus areas for the UAE and provides recommendations that aid to enhance the overall effectiveness of the framework for mitigating the misuse of the system by financial criminals on the back of the recently issued UAE FATF Mutual Evaluation report. This will require prompt decision making and actions taken, given there is a five-year limitation for addressing the recommendations of the report. Financial Action Task Force (FATF) will reevaluate on an ongoing basis, as the UAE remedies the findings in the Mutual Evaluation report.

The publication further provides a number of considerations for the authorities that, if implemented appropriately, can greatly enhance the outcomes from financial crime fighting measures taken at the national level. One of the key
approaches involves leveraging public private partnerships to help law enforcement and public prosecution by deploying the services of professionals from the private sector to improve investigation and prosecution outcomes.

By addressing the points outlined in this paper, the UAE will be able to improve the effectiveness of its financial crime controls and consolidate its position as a global financial and business hub. If you would like to discuss the report or have any queries, please contact Nipun Srivastava.
 

Combatting Financial Crime in the UAE

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Ralph Stobwasser

Ralph Stobwasser

Partner | Forensic

Ralph is a partner with Deloitte’s Forensic practice in the Middle East focusing on financial crime investigations and business intelligence services. He has over 10 years of experience of working on ... More

Andrew Morley

Andrew Morley

Partner | Consulting | Security & Justice Leader

Andrew Morley is a Consulting Partner and Security & Justice leader for Deloitte in the Middle East. Andrew was a senior policing and justice official in the UK for twenty plus years. His last role wa... More

Nipun Srivastava

Nipun Srivastava

Director | Financial Crime

Nipun has over 14 years of professional experience. He has advised regional regulators in the development of regulatory frameworks and has worked with over 50 financial institutions in banking, asset ... More