The UAE has seized and confiscated assets worth more than Dh4.73 billion ($1.29bn) in the 12 months to the end of July as the Arab world’s second-largest economy steps up its fight against money laundering and the financing of terrorism.
Assets worth Dh2.54bn were seized by authorities while assets worth Dh2.19bn were confiscated in the one-year period, Hamid Al Zaabi, director general of the UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), told The National in an interview.
UAE authorities have also frozen assets worth more than Dh13 million during the same period as the country, a financial centre in the Middle East, prioritises AML/CFT as part of its efforts to achieve its national strategy goals.
“The UAE takes these AML/CFT matters extremely seriously and this is the reason why it came up with the idea of the executive office to take the lead [role] in the system and focus on shaping policies and strategies, co-operation and engagement,” Mr Al Zaabi said.
“So, we now have a department working on domestic compliance and co-ordination, and a department that focuses on international co-operation, AML/CFT partnerships and communication.”
The UAE has made significant progress in combating money laundering, the financing of terrorism and weapons proliferation over the past few years.
The country's Financial Intelligence Unit — the central agency that works closely with authorities to determine links between possible proceeds of crime, money laundering or terrorist financing — reported a 51 per cent year-on-year rise in the number of suspicious transaction reports (STRs) in the first quarter of this year.
The financial sector, a main pillar of the UAE economy, contributed the vast majority of those STRs, the executive office said in August.
There was also a significant rise in the AML/CFT enforcement actions in 2021, with total enforcement actions exceeding Dh42m.
Authorities in the UAE confiscated more than Dh2.35bn in illicit assets last year, of which Dh15m was in gold and precious metals.
The number of people jailed for financial crimes reached 40 and fines worth Dh860m were handed down for fraud and money laundering.
In June, Dubai Police arrested hedge fund trader Sanjay Shah on an international warrant issued by authorities in Denmark.
Skat, Denmark's tax authority, alleged that Mr Shah, a British citizen, was a central player in a scheme in which foreign businesses pretended to own shares in Danish companies, before claiming tax refunds for which they were not eligible.
Authorities also worked closely with South African officials to arrest Atul and Rajesh Gupta after Interpol issued a red notice against them for allegedly looting billions from state-owned companies.
The UAE takes these AML/CFT matters extremely seriously and this is the reason why it came up with the idea of the executive office to take the lead [role] in the system and focus on shaping policies and strategies, co-operation and engagement
Hamid Al Zaabi,
director general of the executive office
Established in February last year, the executive office is charged with overseeing the enforcement of the UAE’s National AML/CFT Strategy and the National Action Plan (NAP), Mr Al Zaabi said.
The strategy, with 12 key goals to be achieved between 2020 and 2023, defines the UAE's approach to build an integrated system to speed up its response to money laundering crimes, as well as combat the financing of terrorism and illegal organisations.
Primarily a national policy and co-ordinating body on AML/CFT efforts, the executive office has a wide-ranging mandate to ensure the UAE has a sustainable and resilient AML/CFT framework and is currently co-ordinating with more than 80 government entities and law enforcement agencies in the country, said Mr Al Zaabi, who is the founding director general of the body.
“The EO priority is to develop [strategies] and follow up with all the government entities in the UAE on it Project Portfolio Management system (PPM), which is also used by a number of UAE ministers to have direct access to progress reports,” Mr Al Zaabi, said.
The PPM is a system “that ensures proper oversight of all agencies and maintains their compliance with the National AML/CFT Strategy and Action Plan”, he said.
Mr Al Zaabi, a senior law enforcement official with more than 20 years of experience in the fight against financial crimes and AML/CFT, has slowly built his team of experts from an initial 20 at the launch.
“Now we are talking about a team of 45 people in the executive office,” he said.
“But, at the same time we have a national group, a team [of experts], which is more than 200 people at different government entities.”
The executive office works with that group of experts and receives information that it uses in its tools and systems.
It plans to increase its staff strength to 50 by the end of this year and add another 25 experts next year, mostly compliance and data experts, he said.
The Public-Private Partnership Committee, chaired by the executive office, is co-ordinating closely with the private sector in the UAE to curb financial crimes in the country.
Through its three-year strategic plan, the committee, the first of its kind, is pushing to enhance the country's AML/CFT efforts in line with the criteria laid out by the Financial Action Task Force, he said.
Scorebox
Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
Wanderers
Tries Gormley, Penalty
Cons Flaherty
Pens Flaherty 2
Tigers
Tries O’Donnell, Gibbons, Kelly
Cons Caldwell 2
Pens Caldwell, Cross
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
COMPANY%20PROFILE
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Women’s World T20, Asia Qualifier, in Bangkok
UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final
(The winners will progress to the Global Qualifier)
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
AS%20WE%20EXIST
%3Cp%3EAuthor%3A%20Kaoutar%20Harchi%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Other%20Press%3C%2Fp%3E%0A%3Cp%3EPages%3A%20176%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20Now%3C%2Fp%3E%0A