Senior judges in Abu Dhabi have spoken about the UAE’s efforts to fight money laundering and ensure protection to all from financial crime.
Mansour Al Marzouqi, chief justice of the Abu Dhabi Criminal Court, said reinforcing anti-money laundering mechanisms was an important step and part of efforts to strengthen controls in the fight against such crimes.
He spoke during a seminar organised by the Abu Dhabi judicial department, reported Wam, the state news agency.
The online conference follows swift action taken by law enforcement in the Emirates to combat financial crime.
There have been several high-profile arrests made recently by UAE authorities including Dubai Police arresting South African brothers Atul and Rajesh Gupta for allegedly looting billions from state-owned companies.
Police also arrested Sanjay Shah, a hedge fund trader in a $1.7 billion tax fraud case last month.
The meeting in Abu Dhabi focused on the strategies in place to tackle money laundering, terrorism financing and the obligations of legal professionals and officers of the court.
Key measures to fight financial crime
Mohammad Al Hassani, chief prosecutor at the major financial matters prosecution, emphasised how international co-operation was key to identify risks, backed by co-ordination and prosecution of crime linked to money laundering, terrorist financing and arms proliferation.
Mr Al Hassani, who is also the head of the international co-operation section in the attorney general’s office, touched on fortifying preventive measures in the financial sector, granting powers to authorities for investigation, law enforcement and improving transparency.
He pointed out the challenges and solutions to combat money laundering, the history, nature of the crimes and the business sector’s role.
Speakers also outlined strengths of the Abu Dhabi money laundering and tax evasion crimes court.
Ridha Khemakhem, a judge at the Abu Dhabi Court of Appeal, spoke of the work being done to bolster the judicial system in the emirate to deal with such crimes, prosecute criminals and bring them to justice.
He also reviewed the UAE's efforts from developing legislative, institutional mechanisms to the international agreements and treaties the country had signed.
The UAE has said it is committed to working with international partners to identify and punish criminals and curb illegal financial networks.
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, leads a high-level co-ordination committee that checks on progress to counter money laundering and terrorist financing.
A global anti-money laundering body, the Financial Action Task Force, had said in March that the UAE had made significant progress and “made a high-level political commitment” to work with the organisation and strengthen controls.
The international watchdog said there would be “increased monitoring” of the UAE’s implementation of its action plan to counter money laundering and terrorism financing, also referred to as the grey list.
The country has brought in several reforms to prevent financial crime in recent years and strengthened its approach in line with global standards.
The Executive Office of Anti-Money Laundering and Counter Terrorism Financing said the UAE had confiscated Dh2.33 billion ($634 million) last year in a purge on financial crime.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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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.
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
Mohammed bin Zayed Majlis
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
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