Anti-money laundering expert warns UAE financial services firms
On June 14, 2007, a senior UK anti-money laundering expert based at Dubai International Financial Centre (DIFC)Â shared his concerns over companies that are operating in the region without appropriate protection against money laundering. He also stressed that many firms may still not be meeting regulatory requirements.
According to a senior consultant and trainer for compliance consultancy, CCL Limited, Terry Douglas, there is a danger that many employees in the financial sector have not been following procedures properly and have neglected the considerable risk that the firm might be exploited by criminals.
Douglas said that with the prospect of further recommendations from the Financial Action Task Force (FATF), the Dubai Financial Services Authority (DFSA) making efforts to tackle this problem since 2002 have been admirable, and it will by all means go on passing new laws and regulations in order to fight this international problem.
It should be reminded that all UN member states are expected to adhere to the 40 FATF recommendations related to money laundering as well as the additional 9 added after the 9/11 attacks in the USA to fight terrorist activity. In recent years, the regulators in Dubai have made strides to implement the above-mentioned recommendations.