UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021.
The amount comprised asset seizures worth $625m, fines for non-compliance to anti-money laundering and terrorism financing regulations worth $64m, penalties on major financial institutions in the UAE worth $5.3m, tax evasion and money laundering fines on individuals worth $10.8m, confiscations valued at $109m, preventive measures to address terrorist financing and collective actions amounting to $234m against 48 defendants and companies convicted in one case by the Abu Dhabi Courts for money laundering and fraud.
In an interview with the Emirates News Agency (WAM), Hamid Al Zaabi, Director-General of the UAE Executive Office for Anti-Money Laundering and Counter-Terrorist Financing, said that these figures underscore the significant progress made by the country in addressing anti-money laundering and terrorism financing, in line with international standards and its commitment to combating financial crimes, and as part of its national priorities.
“On the legislative front, several major legal amendments were recently adopted, including the anti-money laundering law that includes wider powers related to confiscations, as well as controlling virtual assets,” Al Zaabi stated.
The anti-money laundering law’s executive regulation is currently being amended, and the rules cover entities listed on United Nations Security Council lists.
In February 2021, the UAE established the Office for Anti-Money Laundering and Counter-Terrorist Financing to coordinate relevant national efforts in the areas of sectoral and objective risks, under the framework of a national risk assessment.
The Office carried out 5,529 desk inspections, including substantive reviews using a wide range of industry sector data on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and collected through supervisory assessments, forms and follow-up visits.
As of 2021, the number of double taxation agreements has reached some 137.