More than 400 financial crime fighters from across Asia and the Pacific have quietly gathered in Abu Dhabi for an event that, while out of the public eye, plays an essential role in protecting the global financial system. The Asia/Pacific Group on Money Laundering (APG), one of nine regional bodies comprising the Financial Action Task Force (FATF) network, is holding its first-ever annual meeting in the Mena region, a significant moment for both the UAE and global financial crime enforcement.
Why has the APG chosen the UAE, a country outside its regional grouping, for this high-profile meeting? The answer is simple: the UAE is a key player in the fight against financial crime, underscoring the necessity of strategic global partnerships in a world where financial crimes transcend borders. Criminal networks, often enabled by rapid technological advances, operate on an international scale, exploiting weak points wherever they exist. The UAE understands that effectively combating this menace requires strong, co-ordinated efforts across nations.
In recent years, the UAE has intensified in the fight against money laundering and financing of terrorism, reflecting its position as a trusted international partner. The country has signed 45 legal assistance agreements, strengthened its international co-operation network, and participated in a range of events organised by global and regional anti-money laundering (AML) bodies, including FATF, MENAFATF, APG, Eurasia Group (EAG) and more. Central to this effort is the UAE’s unwavering commitment to transparency and fact-based communication with its partners.
This international collaboration has produced tangible results. In 2022, the UAE successfully extradited 109 wanted criminals, a figure that nearly doubled in 2023 with 214 extraditions. The exchange of high-quality financial information has also bolstered national money laundering investigations, resulting in significant asset recovery – Dh3.5 billion ($952.9 million) in the first half of 2024 alone, a notable increase from Dh2.34 billion in 2023.
Given this momentum, hosting the APG Annual Meeting in the UAE is a fitting acknowledgment of the country’s achievements. The UAE – home to two leading financial hubs and a diverse, highly skilled workforce – is a vital player in the global economy. Its growing leadership in AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) efforts reflects its readiness to engage with international partners in addressing the world’s most pressing financial crime challenges.
The UAE’s role as host of this important meeting is also a testament to our commitment of a more integrated approach to global financial crime enforcement and enlarged role for FATF-style regional bodies.
This week’s meeting will include evaluations of five APG member states, alongside technical sessions on a wide range of topics such as the latest financial crime trends and capacity building. But more than formal presentations, what will matter most are the informal discussions between delegations – conversations that will shape the way forward in tackling the challenges unique to different nations. These discussions will reveal how no single solution fits all, given each country’s unique financial crime threats and resources, but they will also highlight how cross-regional co-operation can yield progress.
The UAE’s experience in collaborating with countries like India, Bangladesh and Nepal to monitor remittance-related cash payments shows how diverse nations can unite to find innovative solutions to common problems. The UAE itself will present on timely topics such as virtual assets, beneficial ownership and public-private partnerships – all areas where the nation has made significant strides and is ready to share best practices.
The UAE’s experience in collaborating with countries like India, Bangladesh and Nepal to monitor remittance-related cash payments shows how diverse nations can to find innovative solutions
This meeting is one of several key milestones for the UAE in 2024. The country recently introduced a new National Strategy for 2024-2027 and further enhanced its AML/CFT framework to centralise and streamline operations. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. Additionally, the UAE is preparing to release its latest National Risk Assessment, completed in collaboration with the World Bank Group, which will provide an in-depth understanding of the nation’s risks and vulnerabilities in the financial crime space.
These actions reflect the UAE commitment to safeguarding the integrity of the financial system is not only a national priority but a global one. Through this week’s APG meeting and beyond, the UAE is proving itself a trusted partner in the international fight against financial crime, setting a standard for others to follow.
As the APG meeting unfolds in Abu Dhabi, the significance of this gathering cannot be overstated. Financial crime is not an issue confined to one country or region; it is a global threat that requires a unified, international response. The UAE’s leadership in hosting this important summit is a clear signal that it intends to be at the forefront of that response, working alongside its partners in the Asia/Pacific Group and beyond to protect the global financial system from those who seek to exploit it.
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Chatham House Rule
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable
organisation”.
The depth of knowledge and academics that it drew on
following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders,
with Nelson Mandela, Margaret Thatcher among those helping it provide
authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of
International Affairs following the peace conferences of World War One. Its
founder, Lionel Curtis, wanted a more scientific examination of international affairs
with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham
House Rule” states that the contents of any meeting can be discussed outside Chatham
House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects
allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that
ambassadors reported them in secret diplomatic cables that – when they were
revealed in the Wikileaks reporting – were thus found to have broken the rule. However,
most speeches are held on the record.
Its research and debate has offered fresh ideas to
policymakers enabling them to more coherently address troubling issues from climate
change to health and food security.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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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
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
