UAE doing too little to stem money laundering and terrorist finance: watchdog - Reuters:
The United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and causing concerns about its ability to combat financing of terrorism, the global dirty money monitoring group said on Thursday.
The U.S.-allied Gulf state, which includes the region’s financial and commercial centre Dubai, will now be put under a year-long observation by the Paris-based Financial Action Task Force (FATF).
The intergovernmental body said in a report that major or fundamental improvements are required in 10 of 11 areas evaluated for preventing money laundering and the financing of terrorism and weapons of mass destruction.
The report, which took 14 months to compile and involved a visit to the UAE in July, gave a ‘low’ rating for investigation and prosecution of money laundering and a ‘moderate’ rating for preventive measures and financial sanctions related to countering the financing of terrorism.
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