Face Verification
Address Verification
Document Verification
Age Verification
Video KYC
Fast ID
eIDV
NFC Verification
Consent Verification
Business Verification
Due Diligence
Investor Verification
E-Signature
Behavioural Biometrics
Device Fingerprinting
MFA
AML Screening
Business AML Screening
User Risk Assessment
Transaction Screening
Adverse Media Screening
Identity Verification
KYC
KYB
KYI
Bonus Abuse
Fraud Prevention
Banking
Crypto
Fintech
Forex
Gaming
Gig Economy
Marketplace
Social Networks
Product Managers
Compliance Officers
Fraud Analyst
Global Trust Platform
Journey Builder
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
Blind Spot Audit
Deepfake Detection
Liveness Spoofs
Document Originality
Document Deepfake
Events & Webinar
Podcast Studio
Spotlight Studio
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Compliance
Supported Document
About
Career
Press Release
Certifications
Partnership
Awards
The Brussels Threatens Emirates with Sanctions for Illicit Financial Flow
Think tank has ranked emirates to be the top destination for illicit financial activities. Brussels has laid out warnings to place the United Arab Emirates (UAE) in the “blacklist” if actions against money laundering and terror financing are not taken properly.
Carnegie Endowment of International Peace also highlighted Dubai’s role in lending a hand in corruption and illicit financial flow across the globe.
The European Commission met to discuss the global financial crimes and it has agreed upon placing the United Arab Emirates on the European Union’s list of anti-money laundering and counter-terror financing if strong measures are not taken to fight these financial crimes. The European Union has given Emirates a deadline of June 2021 to improve its AML/CFT policies and implementation.
UAE is already on the probation period placed by the Financial Action Task Force (FATF) for many shortcomings. The issue of UAE’s financial crime shortcoming was brought forward by Italy’s MEP, Fulvio Martusciello, who read Carnegie Endowment for International Peace report that placed Dubai a place for European money launderers to operate. This was highlighted in the European Commission meeting which influenced their decision.
Carnegie Endowment for International Peace report states that “While the vast majority of financial, business, and real estate transactions in Dubai are not associated with illegal activity, part of what underpins Dubai’s prosperity is a steady stream of illicit proceeds borne from corruption and crime. Corrupt and criminal actors from around the world operate through or from Dubai. Afghan warlords, Russian mobsters, Nigerian kleptocrats, European money launderers, Iranian sanctions-busters, and East African gold smugglers, all find Dubai a conducive place to operate.”
The report’s authors came to the saddening conclusion that along with Dubai, Europe’s major trading partner, UAE has become a favourite place for Europe’s money launderers.
