Efforts to combat money launderers, entities and people suspected of financing terrorists and organised crime are to be led by a new UAE agency that was launched on Wednesday.
The Executive Office of Anti-Money Laundering and Counter Terrorism Financing, affiliated with the Ministry of Foreign Affairs and International Co-operation, will help protect the integrity of the UAE's financial system and "actively pursue those who abuse it for illicit means", said Hamid Al Zaabi, the director general of the office.
“It’s an important moment for the UAE," he said. "The office will be acting as a national co-ordinator with internal, intergovernmental and international organisations to tackle money laundering and crack down on the financiers of terror."
It's an important moment for the UAE. The office will be acting as a national co-ordinator ... to tackle money laundering and crack down on the financiers of terror
The launch is part of a nationwide series of measures to tackle money laundering in the UAE.
The office aims at protecting vital financial interests undermined by dirty money, illicit finance and the funding of terrorism.
"The office will be working in tandem with regional and global entities like the Gulf Co-operation Council, the [G7 nations'] Financial Action Task Force and the G20," said Mr Al Zaabi, an accomplished anti-money laundering specialist with 21 years of experience, including extensive work fighting against terrorist financing.
“The UAE has taken serious and impressive strides in fighting money laundering and enacted a set of laws to make sure we exercise maximum oversight.”
The UAE is an alluring destination for investors and companies from around the globe and both Abu Dhabi and Dubai are growing financial centres for the region.
The Financial Action Task Force, the global money laundering and terrorist financing watchdog, said the UAE had "significantly strengthened" its regulatory framework to fight against financial crime.
But it said that as a major financial centre it should take urgent action to cut out the criminal financial flows attracted to it.
The government has already enacted strict laws and established departments to deal with money laundering and financial crimes.
In November, the Ministry of Economy set up an anti-money laundering department. In addition, a court was established in Abu Dhabi to tackle money laundering and tax evasion.
The ministry also oversees professionals in non-financial sectors that are most exposed to the risks of money laundering.
These include independent accountants and auditors, property brokers, companies service providers and dealers of precious metals and gemstones.
The authorities have further scrutinised procedures to make the details of ultimate beneficial owners of businesses registered in the UAE more transparent, to tackle shell companies.
"The Central Bank has also imposed recently financial sanctions on 11 banks for failing in living up to the anti-money laundering standards and mechanisms," said Mr Al Zaabi, who in 2020 led the UAE's sub-committee to combat the financing of terrorism, illicit organisations, and arms proliferation.
“The Cabinet has adopted a new law this year (Law 16/2021) to stipulate fines and administrative penalties for businesses violating anti-money laundering and terror financing laws under the supervision of the Ministry of Justice and the Ministry of Economy."
The UAE is more serious now countering money laundering and standing up to those who are tampering with its economy at all levels
A speedy economic recovery after the Covid-19 pandemic is a key goal for the UAE, with plans for the next 50 years centred on further growth and development.
In a world of borderless economies, the UAE’s new office is keeping abreast of developments with state-of-the-art techniques to detect and trace money disguised in blockchain transactions.
Terrorists and money launderers became tech-savvy in recent years, with some resorting to digital wallets and cryptocurrencies such as Bitcoin. Many schemes involve sending or receiving funds through bank-like online entities.
“The UAE is more serious now countering money laundering and standing up to those who are tampering with its economy at all levels,” said Mr Al Zaabi.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%208-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E470hp%2C%20338kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20620Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh491%2C500%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Specs – Taycan 4S
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Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Specs
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GAC GS8 Specs
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Fuel consumption: 9.1L/100km
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By Kenneth Pollack (Oxford University Press)
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
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The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
