In the wake of growing AML scams and illicit activities, the UAE’s Ministry of Community Development established a joint mechanism with the UAE Financial Intelligence Unit that coordinates efforts to combat money laundering, financing of terrorist groups, and illicit organizations in the non-profit organization's sector.
It would help to know the relations of money laundering activities that cause the disruptor of the system and aim to establish a crime-free country. The UAE has rigid policies regarding money laundering and terror finance activities incorporating automated systems to know the source of origin. But from the last couple of years, the financial crime activities have clamped down the UAE systematic structure for AML/CFT.
In the past year, the country has put in place the Executive Office of Anti-Money Laundering and Counter-Terrorist Financing, an agency tasked with dealing with money launderers, organizations, and individuals suspected of financing terrorists and organized crime.
The Ministry of Community Development and the UAE Financial Intelligence Unit will co-operate with all concerned authorities that perform an active role in our economy and protect donors and their money from the risks of exploitation in financing terrorism and financing of illicit organizations, to enable effective enforcement of countering financial crimes of all kinds and forms, said Ali Faisal Ba'Alawi, head FIU.