A FATF Footprint in the Sand: The UAE’s New AML Law and the Financial Action Task Force’s (FATF) Regional Impact

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Saturday, January 5, 2019
Author: 
Ibtissem Lassoued
Volume: 
34
Issue: 
1
Abstract: 

Global flows of illicit financing are a universal affliction and continue to vex authorities and law enforcement agencies across the world as insidious threats present persistent risks to the world’s financial system. These threats do not distinguish by geography, and it is imperative that all countries are committed to implementing the strongest possible defenses against illicit financial flows. The Middle East and North Africa (MENA) Region is no exception to this rule, and countries across the Region exhibit the hallmarks of systems that are increasingly determined to protect themselves against the harmful effects of nefarious activity. In this light, efforts that happen at the supra-national level are just as likely to prove instrumental to preventing money laundering and terrorist financing activity as the defenses that are applied at a national level.