UAE is a place that is famous for the flourishing of business. The place has many benefits, whether business location or tax benefits for the company incorporated in UAE. When a place has many advantages from a business point of view, the practice of money laundering and other illegal activities is very often seen. Thus to restrict such activities, it is necessary to adopt a strict legal framework and laws for protecting the interest of the public and the economy. Therefore strict laws of Anti Money Laundering in the UAE are framed and implemented.
What is Money laundering in UAE?
Money laundering is a practice or a situation when a person is aware that money received is obtained from a crime and intentionally commits the following acts:
Transferring the money receipt originated from crime and transporting the same to conceal its origin, genuine nature, and locations.
Acquiring, processing, and using money in illegal ways and intentions also contribute to money laundering.
It also includes counseling the right or ownership related to money received and assisting the person to escape the offense or punishment.
To prevent the UAE business and economy, the government has taken several steps to restrict such Money laundering practices. The government restricts the entry of criminal groups engaged in money laundering through the issuance of the legal framework.
Who are under the preview of Money laundering
When discussing money laundering, several questions come to mind regarding who is responsible for such illegal activities and who is more exposed to such illegal practices. Since it is all about money receipt through illegal means and it’s counseling, the people who deal in money or do business will be more exposed to it. So, the following are the people who come under the preview of the money laundering act.
- Real estate agents and brokers
- Dealers of precious metals and stones
- Corporate service providers
- Independent accountants and auditors
- Anti-money laundering and UAE
Since UAE is always at the forefront to do compliance with the Anti-money laundering laws and regulations, this way, it also restricts the financing of terrorism. Internal risk assessment is undertaken concerning money laundering and terrorism financing. Following are the steps taken to stop money laundering practices.
The UAE government has taken many steps to stop money laundering activities. It has made many laws to restrict the growth of money laundering crimes. It has also ordered investigations and trials to eradicate money laundering practices.
The government has also formulated anti-money laundering programs and criminal penalties for the crime.
The role of Professionals in Anti-money laundering practices
With the increasing money laundering practices, the business concern established in UAE is more concerned about compliance with money laundering laws. They can avoid allegations and heavy penalties by appointing money laundering professionals with expertise in dealing with such cases.
- The professional has a team of advocates and legal consultants who are already looking into the case of clients who are under investigation for money laundering practices.
- The main aim of Anti-money laundering professionals is to promote a sound and defended economic environment. And also to prevent the clients from getting involved in financial crimes.
- The professional prepares internal programs and reviews internal procedures and compliance to counter money laundering-related crimes.
- They prepare quarterly and annual reports for various money received from different sources/parties and submit them to upper authorities. They review various suspicious transactions and maintain a record of the same.
Contact Spectrum if you are looking for a professional who can assure 100% compliance with Anti Money Laundering in UAEpractices.larablogy.blogspot
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