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

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund, Contributor.

Series:

IMF Staff Country Reports; Country Report ; No. 2008/305

IMF Staff Country Reports

Language:

English

Physical Description:

1 online resource (245 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2008.

Language Note:

English

Summary:

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. The authorities have taken positive initiatives to address the issue of Hawala dealers, and have introduced a voluntary system of registration and reporting. The central bank intends progressively to formalize its oversight regime for this sector.

Contents:

Cover; Contents; ACRONYMS; PREFACE; EXECUTIVE SUMMARY; 1. GENERAL; 1.1. General Information on the United Arab Emirates; 1.2. General Situation of Money Laundering and Financing of Terrorism; 1.3. Overview of the Financial Sector; Statistical Tables; 1. Structure of the UAE Domestic Financial Sector; 1.4. Overview of the DNFBP Sector; 1.5. Overview of Commercial Laws and Mechanisms Governing Legal Persons and Arrangements; 1.6. Overview of strategy to prevent money laundering and terrorist financing; 2. LEGAL SYSTEM AND RELATED INSTITUTIONAL MEASURES

2.1. Criminalization of Money Laundering (R.1 & 2)2.1.1. Description and Analysis; 2.1.2. Recommendations and Comments; 2.1.3. Compliance with Recommendations 1 & 2; 2.2. Criminalization of Terrorist Financing (SR.II); 2.2.1. Description and Analysis; 2.2.2. Recommendations and Comments; 2.2.3. Compliance with Special Recommendation II; 2.3. Confiscation, freezing and seizing of proceeds of crime (R.3); 2.3.1. Description and Analysis; 2.3.2. Recommendations and Comments; 2.3.3. Compliance with Recommendation 3; 2.4. Freezing of funds used for terrorist financing (SR.III)

2.4.1. Description and Analysis2.4.2. Recommendations and Comments; 2.4.3. Compliance with Special Recommendation III; 2.5. The Financial Intelligence Unit and its Functions (R.26); 2.5.1. Description and Analysis; 2.5.2. Recommendations and Comments; 2.5.3. Compliance with Recommendation 26; 2.6. Law enforcement, prosecution and other competent authorities - the framework for the investigation and prosecution of offenses, and for confiscation and freezing (R.27, & 28); 2.6.1. Description and Analysis; 2.6.2. Recommendations and Comments; 2.6.3. Compliance with Recommendations 27 & 28

2.7. Cross Border Declaration or Disclosure (SR.IX)2.7.1. Description and Analysis; 2.7.2. Recommendations and Comments; 2.7.3. Compliance with Special Recommendation IX; 3. PREVENTIVE MEASURES-FINANCIAL INSTITUTIONS; 3.1. Risk of Money Laundering or Terrorist Financing; 3.2. Customer Due Diligence, Including Enhanced or Reduced Measures (R.5 To 8); 3.2.1. Description and Analysis; 2. Thresholds for CDD Requirements; 3. Coverage of DFSA rules and guidance; 3.2.2. Recommendations and Comments; 3.2.3. Compliance with Recommendations 5 to 8; 3.3. Third parties and introduced business (R.9)

3.3.1. Description and Analysis3.3.2. Recommendations and Comments; 3.3.3. Compliance with Recommendation 9; 3.4. Financial Institution Secrecy or Confidentiality (R.4); 3.4.1. Description and Analysis; 3.4.2. Recommendations and Comments; 3.4.3. Compliance with Recommendation 4; 3.5. Record-Keeping and Wire Transfer Rules (R.10 & SR.VII); 3.5.1. Description and Analysis; 3.5.2. Recommendations and Comments; 3.5.3. Compliance with Recommendation 10 and Special Recommendation VII; 3.6. Monitoring of Transactions and Relationships (R.11 & 21); 3.6.1. Description and Analysis

3.6.2. Recommendations and Comments

Notes:

Description based upon print version of record.

Description based on publisher supplied metadata and other sources.

ISBN:

9786613738479

9781455295593

1455295590

9781452788876

1452788871

9781280897160

1280897163

9781451996197

1451996195

OCLC:

870947336