Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Anti-Money LaunderingThe Emergence of the UAE FIU in Counteracting ML

Anti-Money Laundering: The Emergence of the UAE FIU in Counteracting ML [This chapter focuses on how the legal system of the UAE combats ML, with the particular purpose of evaluating the role which the UAE’s FIU plays through dealing with STRs received from the reporting entities. The powers granted to it are also critically assessed. Section “How the Legal System of the UAE Combats ML” examines the UAE’s legal system in relation to counteracting ML. In this section, the requirements, which are imposed on banks and other reporting entities, in respect of detecting and preventing ML, are evaluated. These requirements are set out in regulations and circulars, which are issued by the supervisory and regulatory authorities, for instance the Central Bank. However, some of these requirements are still vague, for instance the meaning of CDD. In this section I also critically analyse the different ML definitions in the FLMLC 2002 and the CBR 24/2000 and the practical consequences of having different definitions for ML.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Anti-Money LaunderingThe Emergence of the UAE FIU in Counteracting ML

Download PDF
52 pages

Loading next page...
 
/lp/springer-journals/anti-money-laundering-the-emergence-of-the-uae-fiu-in-counteracting-ml-l3TalMVN5m

References (0)

References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.

Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act.
ISBN
978-1-137-59454-9
Pages
117 –169
DOI
10.1057/978-1-137-59455-6_5
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter focuses on how the legal system of the UAE combats ML, with the particular purpose of evaluating the role which the UAE’s FIU plays through dealing with STRs received from the reporting entities. The powers granted to it are also critically assessed. Section “How the Legal System of the UAE Combats ML” examines the UAE’s legal system in relation to counteracting ML. In this section, the requirements, which are imposed on banks and other reporting entities, in respect of detecting and preventing ML, are evaluated. These requirements are set out in regulations and circulars, which are issued by the supervisory and regulatory authorities, for instance the Central Bank. However, some of these requirements are still vague, for instance the meaning of CDD. In this section I also critically analyse the different ML definitions in the FLMLC 2002 and the CBR 24/2000 and the practical consequences of having different definitions for ML.]

Published: Jul 9, 2016

Keywords: Financial Institution; Competent Authority; Legal Person; Public Prosecution; Criminal Liability

There are no references for this article.