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

By Waleed Alhosani

ISBN-10: 1137594543

ISBN-13: 9781137594549

ISBN-10: 1137594551

ISBN-13: 9781137594556

This booklet severely analyses the function of the United Arab Emirates monetary Intelligence Unit (FIU) within the Suspicious actions experiences regime. the writer will pay specific recognition to its features and powers in facing Suspicious actions stories 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 e-book investigates even if the present United Arab Emirates FIU version complies with the correct foreign thoughts constructed through the monetary motion job strength on the subject of the institution of the unit, in addition to its powers and functions.

This ebook means that extra might be performed to enhance the present services and powers of the United Arab Emirates FIU in a world context. in addition, the writer means that the capabilities and powers of the United FIU version either conform to the overseas specifications and beneficially expand past their directives.

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Extra resources for Anti-Money Laundering: A Comparative and Critical Analysis of the UK and UAE's Financial Intelligence Units

Example text

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. Firstly, the FIU receives STRs/SARs from the reporting entities.

Indeed, these additional functions of the FIU are also crucial in combating ML at the national level and are no less important than its key functions. Schott19 suggests that national authority should take into account a number of considerations in establishing their FIU model. The author states that: 16 Ibid. Ibid. 18 International Monetary Fund Handbook, Financial Intelligence Units: An Overview (International Monetary Fund 2004). 19 Paul Allan Schott, Reference Guide to Anti-Money Laundering and Combating the Financing of Terrorism (Second Edition and Supplement on Special Recommendation IX, 2006 The World Bank).

2 E. P. M Hare, Ellinger’s Modern Banking Law (Fifth Edition, Oxford University Press 2011), 171. 3 Banking Confidentiality Versus Disclosure 41 Justifying Confidentiality It has been said3 that the customer’s credit usually relies on the strong observance of confidence, and this is the justification for imposing the duty of secrecy on the banker–customer relationship, hence public policy constituted the reason for imposing the duty of confidentiality. However, such rationalisation can be easily refuted since credit does not rely on hiding the situation of a person’s bank account.

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Anti-Money Laundering: A Comparative and Critical Analysis of the UK and UAE's Financial Intelligence Units by Waleed Alhosani

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