Anti-Money Laundering in UAE:
The UAE is a country of free economy there are no taxes or any other restrictions on fund flows. With such economic freedom, many investments have been attracted to the country since many years…
All banks and other financial institutions were requested to report to Central bank of the UAE of any transactions by their customers which may be related to money laundering or terrorism financing which is illegal. Banks & Financial institutions were also requested to verify identities of their clients all the time, also to maintain client information files for at least for five years. They were also requested to detect and provide statements of any transaction the size of which is not compatible with income of its owner, with improper economic cause or legal objective.
Banks & financial institutions are also subject to criminal punishment and huge fines for committing a money laundering crime. Chairmen, directors, managers and employees of financial institutions may be personally subject to criminal punishment such as imprisonment and fine for failing to inform the Financial Information Unit in the Central Bank of any offence that occurs within their respective institution.