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Penalty amounting to $11.2 million recovered in UAE during the first half of 2022 for anti-money laundering cases

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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UAE, Dubai, penalty, anti money, Foreign Affairs, terrorism, financial institutions

The 15th meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), chaired by Sheikh Abdullah bin Zayed Al Nahyan, minister of foreign affairs and international cooperation was held in Abu Dhabi on Tuesday. It was declared in the meeting that the UAE’s anti-money laundering enforcement actions have led to the imposition of over AED 41 million ($11.2 million) in penalties in the first six months of 2022.

 The supervisory authorities of the UAE have also added lawyers, accountants and auditors, dealers in precious metals and stones, financial institutions, and trust service providers for risk assessments for crimes related to anti-money laundering and countering the financing of terrorism.

 According to Hamid Al Zaabi, director-general of the executive office of AML/CFT, money laundering investigations have been stepped up by the law enforcement agencies and they have been working in close cooperation with their international counterparts. This has resulted in several successful interceptions of people who pose a threat to the global financial system. Zaabi also discussed the overall development of the UAE's national action plan for combating money laundering and financial terrorism, which showed a growth of more than 100% in cases and requests for international collaboration and mutual legal aid.

Regarding targeted financial sanctions, Al Zaabi stated that the appropriate authorities have increased their outreach to the nation's business sector in order to guarantee the successful execution of the sanctions and to raise their understanding of the issue. Additionally, he said, several guidance notes were issued to the appropriate authorities. Over 11 outreach sessions were held with more than 7,000 participants from the private sector.

 Atul and Rajesh Gupta, the most sought-after suspects in criminal and money laundering investigations in South Africa, as well as Sanjay Shah, a suspect in a $1.7 billion tax fraud and money laundering case in Denmark, were among the well-known figures recently detained in the UAE.

The executive office of AML/CFT, the National AML/CFT Committee, the Ministry of Foreign Affairs and International Cooperation, and other critical stakeholders collaborated to produce a working plan that was presented to the Higher Committee for the filing of the progress report.

The Higher Committee applauded all authorities' actions and accomplishments, which show the UAE's dedication to stopping the financing of terrorism and money laundering.

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