Category

Anti-Money Laundering

Category

On 3 February 2020, the Abu Dhabi Judicial Department (ADJD) announced that the Abu Dhabi Criminal Court sentenced a former Chairman of an Abu Dhabi Government-owned company, as well as its Chief Executive Officer (CEO), to 15 years’ imprisonment for money laundering. In addition to receiving a 15-year imprisonment sentence, the individuals were ordered to return around AED 8 billion (approx. USD 2.18 billion) in misappropriated public funds, pay compensation to the companies they represented…

On 31 January 2021, the United Arab Emirates (UAE) Central Bank (CBUAE) publicly announced that it had sanctioned 11 banks in the UAE a total of AED 45.76 million (approx. USD 12.46 million) for failures to achieve appropriate levels of compliance with regards to Anti-Money Laundering (AML), Combatting the Financing of Terrorism (CFT) and local UAE sanctions compliance. The sanctions, imposed on 24 January, were imposed pursuant to Article 14 of the Federal Decree Law…

In brief The United Arab Emirates (UAE) recently issued Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (the Resolution), which came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution aims to introduce the requirement for a beneficial ownership register in the UAE mainland and unify the minimum disclosure requirements for corporate entities incorporated in the…

On 19 March 2020, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned five companies based in the United Arab Emirates (UAE), pursuant to Executive Order 13846 (EO 13846), for their alleged involvement in purchasing hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company (NIOC) for delivery to the UAE. The following UAE-based companies were added to the US Specially Designated Nationals and Blocked Persons List (SDN List): (1) Alam Althrwa…

In the past year the United Arab Emirates (UAE) has witnessed a number of important developments in the area of compliance and financial crime which will have a significant impact on the risk exposure of companies operating in the UAE for the foreseeable future. Over time, collectively, these changes will have a profound impact on the compliance environment in the UAE, particularly as it relates to financial crimes, and companies can no longer approach compliance issues casually.