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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 awareness to its capabilities and powers in facing Suspicious actions stories and correct requisites 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 e-book investigates no matter if the present United Arab Emirates FIU version complies with the appropriate foreign options built through the monetary motion activity strength when it comes to the institution of the unit, in addition to its powers and functions.

This publication means that extra could be performed to enhance the present services and powers of the United Arab Emirates FIU in a global context. additionally, the writer means that the capabilities and powers of the United FIU version either agree to the foreign necessities and beneficially expand past their directives.

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15 Ibid. 12 22 Anti-Money Laundering Four Models of FIU The above definition has been extended in order to combat potential FT as well. Clark and Russell16 also highlight that there are four models for an FIU, namely the administrative, law enforcement, judicial/prosecutorial and hybrid model, and explain the advantages and disadvantages of each particular one. 17 However, they also suggest that the core functions of an FIU will not be affected by a specific model. The IMF’s Handbook, Financial Intelligence Units: An Overview,18 deals with the FIU in the same way as Clark and Russell and gives details about the advantages and disadvantages of the four FIU models and stresses that all national FIUs have to fulfil the three principal tasks in relation to combating ML, irrespective of the particular model.

No sufficient sources available in relation to the STRs system and UAE FIU. This means that no sources available regarding: 1) statistics on sub80 Jayesh D’Souza (n 82). Robin Booth and others (n 120). 82 (N 114). 81 38 Anti-Money Laundering mitted STRs by the reporting entities annually, 2) the core and non-core functions of the UAE FIU in the STRs system and more importantly 3) the basis of submitting STRs to the UAE FIU. This is in contrast to the UK’s SAR’s regime, where a great number of sources are available, including annual reports and case law.

Ae/business/banking/suspect-funds-on-the-rise (accessed on 19th February 2015). 40 Alkaabi, Ali and others, ‘A Comparative Analysis of the Extent of Money Laundering in Australia, UAE, UK and the USA’ [January 20, 2010] Finance and Corporate Governance Conference 2010 Paper 1. abstract_id=1539843 (accessed on 13th November 2015). 41 ‘AMLSCU Annual Report—2010’ as produced by the AMLSCU. 2 Financial Intelligence Units in the UK and UAE to Date 29 mitted the majority of STRs. 42 The Legal Framework of the FIU in the UK The UK AML system is firstly based on the Proceeds of Crime Act 2002 (POCA 2002), which was amended by the Serious Organised Crime and Police Act 2005 (SOCPA 2005), the Serious Crime Act 2007 (SCA 2007) and recently the CCA 2013.

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