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Anti-Money Laundering: A Comparative and Critical Analysis by Waleed Alhosani

By Waleed Alhosani

This booklet significantly analyses the function of the United Arab Emirates monetary Intelligence Unit (FIU) within the Suspicious actions experiences regime. the writer can pay specific cognizance to its features and powers in facing Suspicious actions experiences and correct specifications imposed upon the reporting entities. within the research, the writer additionally compares the United Arab Emirates FIU version to the uk FIU model.

In addition, the publication investigates no matter if the present United Arab Emirates FIU version complies with the appropriate foreign options constructed by way of the monetary motion activity strength when it comes to the institution of the unit, in addition to its powers and functions.

This booklet means that extra will be performed to enhance the present capabilities and powers of the United Arab Emirates FIU in a global context. moreover, the writer means that the capabilities and powers of the United FIU version either conform to the foreign requisites and beneficially expand past their directives.

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Extra info for Anti-Money Laundering: A Comparative and Critical Analysis of the UK and UAE's Financial Intelligence Units

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10 Anti-Money Laundering In this regard, it should be borne in mind that the LEAs of a country are another success factor behind the STRs/SARs regime since they receive such reports from the FIU, which, after analysing, the proper decision/ action can be taken. As a result, reporting entities, the FIU and the LEAs stand in a triangular relationship, and only if they all fulfil their functions properly can ML be successfully combated at the national level. Thus, an evaluation of the role of the FIU in counteracting ML necessarily entails an analysis of the requirements of the STRs/SARs system on ML, contained in UAE and UK AML laws, since it sets out the requirements which reporting entities have to fulfil when informing the FIU about suspicious transactions.

14 Andrew Clark and Matthew Russell, ‘Reporting Regimes’ in Andrew Clark and Peter Burrell (eds), A Practitioner’s Guide to International Money Laundering Law and Regulation (City & Financial Publishing 2003), 115. 15 Ibid. 12 22 Anti-Money Laundering Four Models of FIU The above definition has been extended in order to combat potential FT as well. Clark and Russell16 also highlight that there are four models for an FIU, namely the administrative, law enforcement, judicial/prosecutorial and hybrid model, and explain the advantages and disadvantages of each particular one.

The laws, regulations and AML measures of a country are scrutinised in the MER, and how well a country is implementing the FATF standards in practice is also examined.  Shehu, ‘Promoting financial sector stability through an effective AML/CFT regime’ (2010) 13 (2) Journal of Money Laundering Control 139. 9 Ibid 142 and 143. org (accessed on 2nd November 2014). 2 Financial Intelligence Units in the UK and UAE to Date 21 has proved to be a useful tool in ensuring consistent compliance with the standards”11 and explains that: The ME process is not complete until the final report is published.

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