May 11, 2022Dated: | Byadmin admin | In Abu Dhabi, the Financial Action Task Force has recognized the United Arab Emirates has made a positive progression in anti-money laundering countering the financing of terrorism, and counter-proliferation financing efforts. Their aim ensures the success and sustainability of the UAE efforts that strengthen the anti-financial crime framework and the UAE has increased the monitoring of anti-money laundering efforts. The UAE has shown strong zeal and commitment to work closely with the FATF to address the areas that need improvement and the implementation of the action plan. UAE is focused on strengthening the anti-financial crime framework that builds on the foundations and other important efforts that change the entire framework in no time. Plan of Action The country’s ongoing efforts are to fight the financial crime where authorities of UAE’s Executive office of anti-money and countering the financing of terrorism stated “UAE takes its role in protecting the integrity of the global financial system that is extremely serious and will be working closely with the FATF to quickly remedy the areas and take preventive measures”. UAE will continue to identify the threats, disrupt, and punish criminals and illicit financial networks that lines up with the FATF’s findings, and UAE’s National Action Plan also coordinates with the international partners to eliminate these kinds of activities. UAE’s commitment to advancing the efforts that combat the money laundering efforts also counters the terrorist financing which remains a key pillar affecting the country’s status as an attractive global business hub that operates with international standards. More robust actions and ongoing measures are taken by the UAE Government and private sector which ensures the stability and integrity of the country’s financial system. UAE has expanded its efforts to tackle the money laundering and counter-terror financing that was established a year ago. The Ministry of Economy set up an exclusive anti-money laundering department in Abu Dhabi that tends to tackle money laundering and tax evasion. UAE Central Bank is strictly following up with the Hawala providers for the informal fund transfer that are operating outside of the banking system that should register to strengthen the money transfer. These strict actions by the UAE will strengthen the economy so people can globally function without any hassle. UAE has focused on increasing the level of cooperation by associating with the partnership to tackle illicit financial flows that are affecting the UAE’s economy. The Government has plans to introduce a Federal corporate tax regime from June 2023 that will eliminate any kind of anti-money laundering activities. In the light of these activities, it is advisable to commence your business transactions with reliable firms be it a tax, accounting, or any other financial services that the business requires to function in UAE. FlyingColourAccounting and Tax consultants have experts who can provide advisory and consultation on all AML-related matters. Contact our experts.