Mutual Evaluation of the United Arab Emirates (UAE) - Report and annexes

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United Arab Emirates

Mutual Evaluation of the United Arab Emirates (UAE) - Report and annexes

This assessment of the anti-money laundering (AML) and combating the financing of
terrorism (CFT) regime of the United Arab Emirates (UAE) is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT assessment Methodology 2004, as updated in February 2007. The assessment team considered all the materials supplied by the authorities, the information obtained on site during their mission from February 28 to March 15, 2007, and other verifiable information subsequently provided by the authorities. During the mission, the assessment team met with officials and representatives of all relevant government agencies and the private sector. A list of the bodies met is set out in Annex 1 to the detailed assessment report.

The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems.

This report provides a summary of the AML/CFT measures in place in the UAE at the time of the mission or shortly thereafter.1 It describes and analyzes those measures, sets out the UAEs’ levels of compliance with the FATF 40+9 Recommendations and provides recommendations on how certain aspects of the system could be strengthened.

The report was produced by the IMF as part of the Financial Sector Assessment Program FSAP of the UAE and the assessment processes of the Middle East and North Africa Financial Action Task Force MENAFATF and the FATF. It was also presented to the MENAFATF and FATF and adopted by these organizations at their respective Plenary meetings of April 2008 and June 2008.