International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering.
International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering.

UAE banks join global money laundering battle



Banks in the UAE have until Sunday to disclose details of accounts held by foreign officials and politicians as the Central Bank tightens regulations on money laundering. The move, which brings the UAE into line with standards in other international financial centres, follows recent high-profile cases involving alleged fraud in the region and internationally.
International regulators are increasing pressure on banks to reduce their exposure to the risk of money laundering. Claims by the troubled Saudi Arabian conglomerate Ahmad Hamad Al Gosaibi and Brothers against Dubai's Mashreqbank and Maan al Sanea, the billionaire head of the Saudi Saad Group, for alleged fraud, and the case of jailed US financier Bernie Madoff, convicted of swindling $65 billion (Dh238.74bn) from investors, are among events that have heightened concerns about irregularities in global financial systems.
Banks, investment firms, finance companies and other financial institutions had until tomorrow to submit details of politically connected foreigners with bank accounts to the regulator's Banking Supervision and Examination Department, said a source within the Central Bank who asked to remain anonymous. The name, nationality and current and previous political positions held by each individual are required by the regulator, as requested in a directive it issued to banks.
After tomorrow, banks will have to seek written permission from the country's monetary authority before they can open accounts on behalf of foreign individuals with political links, or what the central bank describes as "foreign politically exposed persons". But the source said the deadline may be flexible as the Central Bank's aim was to maintain open co-operation with banks on the matter. "This move is global good practice and is a step in line with other developed nations," said a regional chief executive of one UAE bank, who declined to be named.
Eric Milne, the head of banking and finance for the region at the law firm Simmons and Simmons in Dubai, said: "This is entirely in keeping with what the market perceives to be regulators tightening controls across the banking sector, whether it be in wholesale or retail banking. "There's a move towards tighter regulation generally around the world. It's driven by issues connected with money laundering and whether banks want to be associated with particular individuals."
"Foreign politically exposed persons" are defined by the Central Bank as individuals who are or have been entrusted with prominent public functions in a foreign country, such as heads of state or government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations and officials of political parties. Such officials and executives have attracted close scrutiny from financial authorities around the world.
The US 2001 Patriot Act requires the country's banks to identify and monitor accounts held by senior foreign political figures to ensure funds do not come from corrupt sources. Under money-laundering legislation in Canada, financial institutions are required to determine if clients are politically exposed foreign persons. Banks in the UK are advised by the country's joint money-laundering steering group to first determine whether a client is politically exposed, and then secure senior management approval for establishing or continuing business with such individuals.
tarnold@thenational.ae

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Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
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The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road. 

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Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Other workplace saving schemes
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  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
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When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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