Jooble T Puthiyamadam’s Post

In 2020, the Financial Action Task Force urged the UAE to “take urgent action to effectively stop the criminal financial flows that it attracts.” Finding the UAE’s efforts unsatisfactory, FATF put the country two years later on its gray list, which means increased monitoring of measures taken by the country to mitigate money laundering and terrorist financing. But FATF removed the UAE from its gray list this year, announcing that the country had made “significant progress,” including improvements in the ability to investigate and prosecute violators. An OCCRP-led investigation, Dubai Unlocked, called that decision into question. Now, FATF says it will probe findings from the investigation as it assesses the UAE’s efforts to improve its financial sector. https://lnkd.in/gPBXJc_y #DubaiUnlocked #FATF #UAE

MENAFATF 2024: Iraq Shows Strong Commitment to Combating Financial Crime.  The Middle East and North Africa Financial Action Task Force (MENAFATF) recently approved their mutual assessment report on Iraq.  This report recognizes Iraq's significant progress in implementing international standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). The MENAFATF report highlights: - Strong understanding: Iraqi authorities demonstrate a clear grasp of money laundering and terrorist financing risks. - Effective implementation: Iraq has established and enforces measures to combat these crimes, including: > International cooperation > Confiscation of criminal proceeds > Investigations and prosecutions A collective achievement: This positive outcome is a testament to the dedicated efforts of: - The Iraqi Prime Minister and President of the Judicial Council - The Anti-Money Laundering and Combating the Financing of Terrorism Council - The Anti-Money Laundering and Terrorist Financing Office - Judicial and government bodies - The Central Bank of Iraq Looking ahead: This is a significant step forward for Iraq's financial system. As a business consultant, I'm optimistic that this enhanced AML/CFT framework will foster trust and transparency for businesses operating in Iraq.   Kadhum Jabbar Business Consultant Masar Consulting Services www.KadhumJabbar.com #Kadhum_Jabbar #Consulting #MasarServ #Economy #Business #Iraq #MENAFATF #AML #CFT #FinancialCrime

India and Qatar Collaborate Against Money Laundering and Terror Financing In a step toward enhancing international cooperation, the Financial Intelligence Units (FIUs) of India and Qatar convened in New Delhi on November 4-5, 2024. This high-level engagement reflected the shared commitment of both nations to combating money laundering and terror financing. FIU-Qatar praised India's FINNET 2.0 IT system, recognizing its advanced capabilities in financial intelligence. Discussions also explored India's Public-Private Partnership Initiative and Private-Private Partnerships as models for collaboration within the Anti-Money Laundering and Combating the Financing of Terrorism ecosystem. Both sides emphasised the importance of seamless information sharing, building on the 2016 MoU between FIU-IND and FIU-Qatar. FIU-IND facilitated two on-site visits for the Qatari delegation, offering valuable insights into India's AML/CFT operations and stakeholder engagements. The visit sets the stage for deeper collaboration between India and Qatar, leveraging technology, strategic analysis, and cross-sector partnerships.

Navigating the complexities of anti-money laundering (AML) and combating terrorist financing is crucial for businesses operating in today's global landscape. Bedoor Alrabiah بدور الربيعه, Legal Director at GLA & Company. has written a practical guidance on Combatting Money Laundering and Terrorist Financing, providing invaluable insights into the Kingdom of Saudi Arabia's Royal Decree No. M20/1439 Anti-Money Laundering Law. Elevate your legal expertise with our comprehensive legal intelligence database and gain access to this invaluable resource here: https://lnkd.in/d35v4efW #AML #ComplianceGuidance #SaudiArabia #MoneyLaundering #TerroristFinancing

African Development Bank, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Combat Money Laundering and Terrorism Financing in Africa Through New Project - African Development Bank Group & Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) launch a 3-year initiative to combat money laundering & terrorism financing in West Africa. Backed by a $5M grant, this project aims to strengthen anti-money laundering regimes & build capacity in member states. https://lnkd.in/dhdjqE5b #Africa #MoneyLaundering #TerrorismFinancing

The Financial Action Task Force adds Lebanon, Algeria, Angola and Ivory Coast to its Grey List, and removes Senegal. The addition of Lebanon is significant to the UAE real estate market for several reasons. Lebanon’s placement on the Grey List indicates increased scrutiny and concerns about its financial system, including risks related to money laundering and terrorist financing. Lebanese investors may look to purchase properties in the UAE as a way to safeguard their assets, but in terms of regulatory requirements applicable to Grey List countries, they will be forced to provide evidence of their source of funds before they are able to acquire property in the UAE. The UAE itself was on the Grey List until February 2024 and it has made a meaningful effort to enhance its regulatory framework in an attempt to curb money laundering. It is imperative for real estate agencies to understand and ensure compliance with enhanced due diligence measures as the increased scrutiny on Lebanon could lead to heightened regulatory oversight in the UAE.

𝗜𝗻𝗱𝗶𝗮 𝗮𝗻𝗱 𝗤𝗮𝘁𝗮𝗿 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝘁𝗶𝗲𝘀 𝘁𝗼 𝗰𝗼𝗺𝗯𝗮𝘁 𝗺𝗼𝗻𝗲𝘆 𝗹𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝘁𝗲𝗿𝗿𝗼𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 New Delhi: India and Qatar on Tuesday held discussions to strengthen cooperation in combating money laundering and terrorism financing, focusing on advanced IT systems, strategic partnerships, and the role of virtual digital assets, according to the ministry of finance. Nine-member delegation A nine-member Qatari delegation, led by Sheikh Ahmed Al Thani, head of Financial Intelligence Unit (FIU) Qatar, met with Vivek Aggarwal, head of FIU-India, to review current practices and explore areas for collaboration. The discussions included the use of advanced IT systems, such as India’s Financial Intelligence Network (FINNET) 2.0, and innovative initiatives like FIU-India's Public-Private Partnership (FPAC) and Private-Private Partnership (ARIFAC) for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), the ministry said. #AntiMoneyLaundering #TerrorismFinancing #AML #CFT #IndiaQatarCooperation #FinancialIntelligence #GlobalSecurity #FinancialSecurity https://lnkd.in/dUdaBy7d

The United Arab Emirates has intensified its efforts to combat money laundering and terrorism financing, implementing effective measures to tackle financial crime in line with international best practices, further solidifying its global standing in the fight against financial crimes and illicit financing. #UAE #MoneyLaundering #TerrorismFinancing #Finance #Finance360

‏Participation of a representative from the public and private sectors during the series of awareness workshops on the national assessment of the risks of money laundering and Terrorism financing which is held in Abu Dhabi.

🇦🇪 UAE UPDATE 📢 🏦 Until now, the UAE's anti money laundering operations were managed by a standalone Executive Office. 🏦 🏦 🏦 The Executive Office will now be replaced by a more integrated approach, transferring responsibility to a committee better connected to other relevant authorities - enter: The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee. 🌎💰This strategic move will further strengthen the UAE’s position as a global financial hub. #antimoneylaundering #UAE