United Arab Emirates: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

IMF Staff Country Reports, September 19, 2008

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United Arab Emirates: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

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Bibliographic details

• Published: September 19, 2008
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451801217.002

Overview

• Publication date: September 19, 2008
• This paper highlights the detailed assessment report on antimoney laundering (AML) and combating the financing of terrorism in the United Arab Emirates (UAE).
• The AML law needs to be amended to expand the range of predicate offences and to provide greater powers for the financial intelligence unit.

Key findings

• The AML law requires amendment to:
  • expand the range of predicate offences, and
  • provide greater powers for the financial intelligence unit.
• Authorities have taken positive initiatives to address the issue of Hawala dealers, including the introduction of a voluntary system of registration and reporting.
• The central bank intends progressively to formalize its oversight regime for the Hawala sector.

Policy recommendations and actions noted

• Amend AML legislation to broaden the scope of predicate offences.
• Strengthen legal and operational powers for the financial intelligence unit.
• Formalize oversight and supervisory regime for informal value transfer systems (Hawala dealers), building on voluntary registration and reporting initiatives.

Subjects and keywords

• Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Customs unions, International trade, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
• Keywords: AML law, Anti-money laundering and combating the financing of terrorism (AML/CFT), beneficial owner, CFT law, court order, CR, Customs unions, Global, ISCR, judicial proceeding, Legal support in revenue administration, Money laundering, penal code, South Asia, Terrorism financing

International Monetary Fund. "United Arab Emirates: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism", IMF Staff Country Reports 2008, 305 (2008), accessed 9/23/2026, https://doi.org/10.5089/9781451801217.002

Content in this bundle

• Cr08305
  • Cr08305 (PDF)