The UAE has reviewed its ongoing efforts to tackle money laundering and terrorist financing ahead of the country's submission of a post-observation report to the Financial Action Task Force (FATF) in October, according to state news agency Wam.
Achievements and challenges related to anti-money laundering and terrorist financing as per the FATF's recommendations were highlighted at the meeting chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Co-operation.
The UAE has taken various efforts to curb money laundering as it seeks to raise its global competitiveness by reinforcing justice and transparency. The Central Bank of the UAE also regularly issues guidelines to help companies and individuals assess money laundering risks. The regulator has teamed up with other central banks and financial authorities to fight financial crimes.
The UAE set up a dedicated agency earlier this year to identify money launderers and those suspected of financing terrorists and organised crime.
The FATF is an intergovernmental organisation developed by the Group of Seven countries to combat money laundering around the world. The organisation's mandate was later expanded to include terrorist financing.
At its latest meeting, the committee reviewed studies relating to "the legislative framework of non-conviction-based confiscation mechanisms and the confiscation of foreign proceeds of the original crime and the guidance for government agencies to implement targeted financial sanctions", Wam said.
The entity also welcomed the decision "to adopt the general framework for the regulation of virtual assets at the state level" to reduce risks from the increased use of digital currencies.
Efforts to fight and prevent money laundering have picked up pace in recent months.
Dubai set up a specialist court in August that will focus on fighting money laundering and other financial crimes in a bid to strengthen the integrity of its financial system.
Last month, the Dubai Misdemeanour Court convicted eight individuals and three companies for cyber fraud and laundering stolen funds amounting to about Dh14 million ($3.81m).
The UAE has also joined hands with other countries to clamp down on money laundering.
In August, the UAE’s Financial Intelligence Unit joined forces with the China Anti-Money Laundering Monitoring and Analysis Centre to exchange information and help crack down on global money laundering and terrorism financing.
Racecard
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
UAE currency: the story behind the money in your pockets
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
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