FATF : UAE : MUTUAL EVALUATION REPORT
‘[The UAE] must take urgent action to effectively stop the criminal financial flows that it attracts’
FATF Paris 30 April 2020
‘Kleptocrats, criminals and sanctioned individuals from around the world own Dubai property … In practice, these buyers can stash or launder cash in the UAE property market, no questions asked’ - Matthew Page, a scholar with the Carnegie Endowment for International Peace Financial Times 30 April 2020.
There is concern over the low number of ML prosecutions in Dubai given its ‘acknowledged risk profile’.
There is considerable abuse of legal personality
Principal threats are –
Fraud, professional third-party ML, drug trafficking and counterfeiting.
High risk sectors are –
Banking, MVTS (including Hawaladars) and dealing in precious stones and metals.
Colleagues need not read the lengthy FATF report which runs to 288pp – the summary is 14 pages – as it reaches its blinding obvious conclusions in painfully diplomatic language after following a laborious over engineered FATF evaluation process that took place nearly a year ago.