By Waleed Alhosani
This ebook seriously analyses the position of the United Arab Emirates monetary Intelligence Unit (FIU) within the Suspicious actions studies regime. the writer can pay specific consciousness to its features and powers in facing Suspicious actions reviews and proper necessities imposed upon the reporting entities. within the research, the writer additionally compares the United Arab Emirates FIU version to the uk FIU model.
In addition, the publication investigates even if the present United Arab Emirates FIU version complies with the correct foreign suggestions built by way of the monetary motion activity strength with regards to the institution of the unit, in addition to its powers and functions.
This e-book means that extra may be performed to enhance the present services and powers of the United Arab Emirates FIU in a world context. moreover, the writer means that the features and powers of the United FIU version either conform to the overseas necessities and beneficially expand past their directives.
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Extra info for Anti-Money Laundering: A Comparative and Critical Analysis of the UK and UAE's Financial Intelligence Units
For instance, a director might be required (by a court) to testify or divulge information about his or her company despite this being contrary to the company’s interests. com/sol3/papers. abstract_id=1815825 (accessed on 27th February 2015). 2 E. P. M Hare, Ellinger’s Modern Banking Law (Fifth Edition, Oxford University Press 2011), 171. 3 Banking Confidentiality Versus Disclosure 41 Justifying Confidentiality It has been said3 that the customer’s credit usually relies on the strong observance of confidence, and this is the justification for imposing the duty of secrecy on the banker–customer relationship, hence public policy constituted the reason for imposing the duty of confidentiality.
36 Ibid 45. 37 Ibid. 38 Ibid. 28 Anti-Money Laundering the 2003 FATF’s Recommendation 26 in relation to the requirements, which an FIU has to fulfil. Firstly, Hamdan39 observes that during the period between June 2002 and May 2009 the UAE FIU received 80,592 STRs about ML from the reporting entities, but only 285 STRs were transmitted to the public prosecution office. Secondly, Alkaabi and others40 state that the public prosecution office sent only 20 STRs out of the 285 received to the courts.
More importantly, the Interpretative Note to Recommendation 29 comprehensively explained and clarified the role of the FIU from different perspectives. An examination of the functions of the FIU requires scrutiny of the pivotal STRs system. The 2012 FATF Recommendation 20 has therefore adopted the STRs/SARs regime in cases where there is “suspicion” or “reasonable grounds for suspicion” that the transaction/activity relates to ML and provides that: 20 Anti-Money Laundering If a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by law, to report promptly its suspicions to the FIU.
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