The UAE Central Bank imposed administrative and financial penalties on a bank in the UAE for breaching the Anti-Money Laundering law.
The UAE has presented its plan to combat money laundering for the upcoming month of February, during a joint review meeting held by the International Financial Action Task Force (FATF).
CBUAE’s examination findings revealed that the exchange house had a weak compliance framework to prevent money laundering and financing of terrorism.
The Executive Office will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan (NAP), the programme of reforms designed to strengthen the UAE’s anti-financial crime system.
The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account.
Emirati law enforcement agencies have contributed to major international investigations and arrests, including the largest drugs ring in Europe and INTERPOL's most wanted trafficker Kidane Habtemariam.
FBI extends his appreciations to Dubai Police for their cooperation in extraditing the wanted criminals, who committed money-laundering and multiple cybercrimes, to the United States.
A large number of PML-N workers were present in the premises of the high court. They kept chanting slogans in favour of their president and against the NAB and Prime Minister Imran Khan.
The court sentenced the suspects to ten years in jail each, to be followed by deportation, besides a Dhs10m fine. The court also fined two companies, one for advertising and the second for electronics trading, Dhs50 million each.