UAE confiscated over Dhs2.35 billion in illicit assets last year

UAE confiscated over Dhs2.35 billion in illicit assets last year

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing met on Thursday to conclude a review on progress in the first half of 2022. The UAE confiscated more than Dhs2.35 billion in illicit assets in 2021, of which Dhs15 million ($4 million) was in gold and precious metals. The UAE has had numerous successes leading to: the arrest of a European thief who had stolen Dhs 3 million (c. US$ 817,000); uncover of a fraudulent scheme in cryptocurrency trading and money laundering, leading to arrests and prosecutions of the accused; and 40 people jailed and fined Dhs 860 million for fraud and money laundering., among many other significant arrests and international cases. The UAE has signed five new international judicial cooperation agreements (IJCAs) with: the United States, Russia, Netherlands, Denmark, and Italy. Regular strategic engagement and technical workshops have been held with the European Union (EU), the United States and United Kingdom. The National Economic Registry now contains the ultimate beneficial ownership (UBO) of 77 percent of corporate vehicles - an important standard for transparency. Plans are in place to reach 100 per cent. Suspicious transactions reporting (STRs) increased 51 per cent year-on-year (1Q21 vs 1Q22) demonstrating greater AML/