The UAE’s anti-money laundering enforcement actions have led to imposition of over AED 41 million ($11.2 million) in penalties in the first six months of 2022.
The country’s supervisory authorities have also added financial institutions, dealers in precious metals and stones, real estate, lawyers, accountants and auditors, and trust services providers for risk assessments for crimes related to anti-money laundering and countering financing of terrorism.
These disclosures were made at the 15th meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Abu Dhabi on Tuesday.
The meeting was chaired by Sheikh Abdullah bin Zayed Al Nahyan, minister of foreign affairs and international cooperation, Wam reported.
Hamid Al Zaabi, director-general of the executive office of AML/CFT said law enforcement agencies continued to enhance money laundering investigations and cooperation with international counterparts, which has led to several successful interceptions of some of the individuals who presented a threat to the global financial system.
Some of the big names who were arrested in the UAE recently included Atul and Rajesh Gupta, the most wanted individuals in criminal and money laundering cases in South Africa, and Sanjay Shah, a suspect in a $1.7 billion tax fraud and money laundering case in Denmark.
Al Zaabi also presented the overall progress on the UAE’s national action plan on anti-money laundering and countering the financial terrorism, which included an increase of over 100 percent in international cooperation and mutual legal assistance cases and requests.
On targeted financial sanctions, Al Zaabi said relevant authorities have enhanced outreach to the private sector in the country to ensure effective implementation of sanctions and to increase their awareness on the matter.
Over 11 outreach sessions were conducted with more than 7,000 participants from the private sector, in addition to issuing of several guidance notes to relevant authorities, he added.
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 Higher Committee was also briefed about a working plan developed by the executive office of AML/CFT in cooperation with the National AML/CFT committee and ministry of foreign affairs and international cooperation and other strategic stakeholders on the submission of the progress report.
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