Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AMLCTF), revealed that the UAE confiscated more than AED 1.3 billion ($356 million) from March until mid-July.
In a statement to the Emirates News Agency (WAM), Al Zaabi said that the UAE continues to prioritize international cooperation to monitor money laundering and terrorist financing.
“We look forward to continuing our positive progress in the second half of the year.”
He added that supervisors of Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFPBs) imposed collective fines of more than AED 199 million.
The UAE also successfully confiscated more than AED 1.309 billion ($356 million) from March 2023 to mid-July 2023.
Al Zaabi noted that these efforts have substantially increased key performance indicators, including STRs/SARs, enforcement actions, inspections by supervisory authorities, and confiscations.
He also pointed out that the UAE successfully confiscated over AED 1.309 billion from March 2023 to mid-July 2023.
Al Zaabi stressed that the UAE will continue to build out its long-term, sustainable AML/CTF capabilities to detect, investigate, and understand money laundering and terrorist financing and will continue to broaden its international cooperation.
The multi-state settlement involved regulatory agencies from New York, Massachusetts, Texas, California, Minnesota, and Nebraska. Alongside the $4.2 million penalty, the watchdogs have ordered Wise
Cyprus has yet to enforce the new EU rules introducing a minimum effective tax rate of 15% for multinational corporations operating within EU member-states. Alongside nine other countries, Cyprus was
The IRS has announced a special voluntary disclosure initiative to return offshore money back into the U.S. tax system and help taxpayers with offshore accounts get compliant. The new initiative is
Despite tightening measures against money laundering and terrorism financing, India has no immediate plans to regulate cryptocurrency transactions. The Indian government revealed it has no immediate