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UAE Rules on Beneficial Owners, Anti-Money Laundering Weak: IMF
By Brian Monroe
printThe United Arab Emirates, a key oil producer situated between Iraq and Iran, has failed to adopt a coherent national strategy against money laundering and terrorist financing, despite the country's rapid influx of foreign capital over the past decade, according to a watchdog report released Friday. The UAE has "not undertaken a structured assessment of the vulnerability and risks" of terrorists and launderers to its financial system, according to a 244-page report by the Washington D.C.-based International Monetary Fund (IMF), an agency that promotes trade and currency stability and also reviews countries' anti-money laundering programs. Moreover, Emirate financial institutions have...
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