The UAE Central Bank has announced a six-month suspension of a bank’s Islamic window from onboarding new customers. This decision also includes a fine exceeding Dh3.5 million ($953 632) due to the bank’s non-compliance with Sharia governance rules. An Islamic window refers to a unit within a conventional bank that allows customers to engage in...
The European Union announced on Tuesday that it has removed the United Arab Emirates from its money-laundering “high-risk” list. This decision reflects the EU’s assessment of the UAE’s efforts to strengthen its financial controls against illicit activities. In addition to the UAE’s removal, the European Commission indicated that it has added Monaco to the list...
The Ministry of Economy (MoE) has signed a Memorandum of Understanding (MoU) with the Dubai Police General Command to improve cooperation in developing compliance mechanisms aimed at combating money laundering and financing of terrorism. This agreement is designed to facilitate the exchange and integration of information between the two entities, thereby strengthening their supervisory roles...
The United Arab Emirates recently hosted the 8th EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in Abu Dhabi. This strategic meeting highlighted the strong commitment and collaboration between the UAE and the European Union (EU) in tackling financial crimes and enhancing international cooperation. During the dialogue, both sides conducted...
The Ministry of Economy has signed multiple memorandums of understanding (MoUs) with key national authorities aimed at enhancing efforts against anti-money laundering and counter-terrorism financing. Among the signatories are the Economic Security Centre of Dubai (ESCD) and the Dubai Land Department (DLD). These agreements are designed to bolster the regulatory infrastructure, improve integrity and transparency...
The United Arab Emirates (UAE) is set to engage in high-level discussions with the European Union to support a global initiative aimed at addressing money laundering and other financial crimes. This meeting signifies the UAE’s commitment to enhancing international cooperation in combating financial offenses. Hamid Al Zaabi, the secretary general and vice chairman of the...