Money laundering and terrorist financing cause great damage to the economic sectors. Money laundering and terrorist financing take place through financial systems. Deficiencies in financial service providers make it easier for criminals to commit crimes. Therefore, governments should work with financial institutions to combat financial crime.
Dubai is one of the 7 emirates in the United Arab Emirates. Dubai is one of the leading business centers in the Middle East, which does business with companies and individuals all over the world. The fact that the business sector is developed and global in Dubai poses major threats in terms of money laundering, corruption and bribery. Dubai aims to avoid these threats with its work in the field of AML.
Dubai International Financial Center (DIFC) is a financial center established in 2004 for the Middle East, Africa and South Asian markets. Dubai Financial Services Authority is under the authority of the Dubai International Financial Center. Dubai Financial Services Authority (DFSA) is Dubai's international standards financial regulator. The regulatory mandate of the Dubai Financial Services Authority includes banks, investment companies, financial service providers such as securities companies and credit companies. DFSA is responsible for auditing and implementing the AML and CFT requirements implemented in DIFC. DFSA administers the Regulation Law that came into force in 2004. It carries out all the regulations and audits under this law.
DFSA is responsible for ensuring Dubai's AML compliance in international areas.DFSA continues its activities by taking into consideration the United Nations and FATF regulations. DFSA takes into consideration FATF recommendations while continuing its efforts to prevent money laundering. Financial institutions in DUBAI have to meet AML requirements. Financial institutions detect suspicious transactions by performing AML checks. Financial institutions report Suspicious Activity Reports to DFSA. Later, DFSA reviews these reports and decides whether there is a crime. Various penalties are imposed on financial institutions that do not comply with AML compliance.
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