UAE: UAE Central Bank Reports Money Laundering Surge During the Pandemic

Money laundering using unlicensed money service providers (UMSO) has increased over the period of the pandemic, says the Central Bank of UAE. The central bank stated in its report that the usage of professional money laundering (PML) services will possibly expand under COVID, as criminals who previously depended on self-executed money laundering schemes may now seek the assistance of PMLs. Money laundering, as well as terrorist financing, fraud, bribery, and corruption, are among the threats faced by financial institutions amid the health crisis, according to a recent report released in collaboration with other UAE government and financial authorities. The report also talks about tools used for Money Laundering and elucidates on possible means to address the issue. The UAE has been trying to increase the efficiency of Anti-Money Laundering schemes in the country.