The UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) has held a workshop with the World Bank to boost its framework against financial crimes,
The event this week was the second workshop of the UAE's 2022-23 money laundering and terrorist financing National Risk Assessment.
During the workshop, the UAE authorities discussed, identified and evaluated money laundering and terrorist financing risks to draft effective mitigation policies.
“The UAE acknowledges the paramount importance of assessing ML/TF risks to combat financial crime and strengthen our national system,” said Hamid Al Zaabi, director general of the Executive Office.
“National strategies and policy decisions must be supported by comprehensive risk assessments … our commitment to adopting the World Bank methodology underpins this endeavour,” he added.
The UAE has made significant progress in combating money laundering, the financing of terrorism and weapons proliferation over the past few years.
The Arab world’s second-largest economy seized and confiscated assets worth more than Dh4.73 billion ($1.29 billion) in the 12 months to the end of July 2022, as it stepped up its fight against money laundering and the financing of terrorism.
The NRA workshop saw participation from various stakeholders, including the Ministry of Economy, Ministry of Justice, Ministry of Interior, the UAE Central Bank, financial free zones, the financial intelligence unit, and all corporate registrars in the mainland, commercial, and financial free zones.
The first workshop, held in Abu Dhabi in November, provided extensive training to UAE authorities on the World Bank methodology.
Over the past decade, the World Bank's NRA toolkit has been used by more than 100 jurisdictions in leading their own risk assessments and designing action plans for more effective AML/CFT practices.
Oppenheimer
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
