The FATF is the key global body that facilitates the growth of Anti-Money Laundering regulations. It released some important standards a decade ago, namely:
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Get Help Now!- Specifying a list of crimes that must underpin the money laundering offence;
- The expansion of the customer due diligence process for financial institutions;
- Enhanced measures for higher risk customers and transactions, including correspondent banking and politically exposed persons;
- The extension of anti-money laundering measures to designated non-financial businesses and professions (casinos; real estate agents; dealers of precious metals/stones; accountants; lawyers, notaries and independent legal professions; trust and company service providers);
- The inclusion of key institutional measures, notably regarding international co-operation;
- The improvement of transparency requirements through adequate and timely information on the beneficial ownership of legal persons such as companies, or arrangements such as trusts;
- The extension of many anti-money laundering requirements to cover terrorist financing; and the prohibition of shell banks.
- Write a short and evaluative note on whether these are important and whether the UAE laws are in compliance with these standards.
Instructions:
- Your submission must be thorough; meaning, the submission reflects your understanding of the concept of comparative legal study and anti-money laundering initiatives – to be critically analyzed.
- Word limit is up to a minimum of 4000 words. However, the word limit is excluding the references, bibliography and title/cover pages.
- Use the research, referencing and writing conventions on research methodology (OSCOLA).
- The submission should have an introduction, main body and conclusion. Have a suitable title and sub-titles (if you feel necessary). All the aspects posed must be addressed in the essay, not as separate answers, but as a comprehensive whole.
- Include a cover-sheet while submitting the assignment.
- Ensure that your essay achieves the Course Learning Outcomes included in the table below.
Additional sources: You are required to use additional & suitable sources, cases and examples to support the arguments or reasoning that you adduce.
| CLO # | CLO Description |
| CLO 1 | Outline the concept of money laundering
|
| CLO 2 | Evaluate and assess national, regional and international money laundering regimes
|
| CLO 3 | Classify the differences between the UAE anti money laundering regime and the UK and US anti money laundering regime |
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