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

By Waleed Alhosani

This publication seriously analyses the function of the United Arab Emirates monetary Intelligence Unit (FIU) within the Suspicious actions stories regime. the writer will pay specific realization to its capabilities and powers in facing Suspicious actions experiences and correct necessities 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 ebook investigates even if the present United Arab Emirates FIU version complies with the appropriate overseas strategies built by means of the monetary motion activity strength with regards to the institution of the unit, in addition to its powers and functions.

This e-book means that extra will be performed to enhance the present features and powers of the United Arab Emirates FIU in a world context. additionally, the writer means that the services and powers of the United FIU version either conform to the overseas specifications 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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In general, there are various purposes to which this method can be put, for instance to understand the law, law unification or harmonisation, or 47 For the approaches of data processing in qualitative studies, see Ranjit Kumar (n 41) 277 & 278.  Creswell (n 42) 189–193.  Yin (n 37) 109. 50 Konrad Zweigert and Hein Kötz, An Introduction to Comparative Law (Third Edition, Oxford University Press 1998), 4. 54 By applying the above features of the comparative method to this research, I strive to focus on the micro-comparison level.

73 ‘Suspicious Activity Reports Regime, Annual Report 2011’, as produced by the SOCA, 37. 69 36 Anti-Money Laundering those containing consent requests, although these SARs did not in fact fall under the POCA 2002 provisions.  Nevertheless, the report does not include statistics about the number of SARs, out of all those received, which the UK FIU has disseminated to LEAs and other government bodies.  In addition, the report does not state how many SARs have resulted in a conviction. Conclusion The IMF’s Handbook76 provides a good account of the four models of an FIU and the advantages and disadvantages of each.

6 and 9. The submitting of SARs/STRs can conflict with the principle of banking confidentiality since such reports contain information about a customer’s bank account and financial affairs, which might lead to criminal or civil liability being imposed. The main objective of this chapter is to justify on which legal grounds SARs/STRs can be submitted in a way which does not prejudice the principle of banking confidentiality, ensuring that the principle is respected and safeguarded without it being exploited for ML activities.

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