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UAE, UK host anti-money laundering training sessions


Abu Dhabi: The Ministry of Foreign Affairs and International Cooperation (MoFAIC) and UK s Her Majesty s Revenue and Customs (HMRC) held a series of joint technical training workshops on anti-money laundering and countering the financing of terrorism (AML/CFT), in March and April 2021.
The workshops, hosted by the HRMC s team of experts, provided an opportunity to share the latest advances in AML/CFT thinking as part of the UAE s ongoing efforts to raise awareness, build technical expertise, and further strengthen its supervisory system.
Key institutions from across the UAE benefitted from the skills and knowledge exchange, including the Ministry of Economy, Federal Customs Authority, and the Central Bank. The workshops were designed to share the UK Government s leading approach, experience and latest AML/CFT methods, with a focus on several specific target areas of risk, including: ....

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Rewriting the narrative of Malta's enforcement against AML practices


Daniel Bilocca, compliance and risk director at NOUV, gives an overview of what legislative instruments have strengthened AML compliance in Malta. 
2020 shall be remembered by Malta’s AML compliance experts for the numerous key legal amendments that have started turning the method of AML compliance enforcement over its head: the result of the publication of different acts and legal notices.
Malta’s initial step was to bolster its competent authority, the Financial Intelligence Analysis Unit (FIAU) to safeguard its transparency. Malta’s very first legislative Act of the year implemented the following measures:
i. The FIAU was granted the right to establish, manage and administer a central bank account registry for Malta which as per Legal Notice 401 of 2020 (the Centralised Bank Account Register Regulations), shall contain ‘data and information on accounts identified by IBAN held by credit and financial institutions and on safe custody services provided by cred ....

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RAKEZ houses over 15,000 companies


RAKEZ houses over 15,000 companies
Ras Al Khaimah, UAE, February 15, 2021
The Ras Al Khaimah Economic Zone (RAKEZ) currently comprises more than 15,000 companies from around the world, most of which are from India, the UK, Pakistan, the UAE, and France and practice their activities in an environment that motivates prosperity in their areas of work, a
Wam report said.
 
Situated in the heart of Ras Al Khaimah, RAKEZ is a powerhouse business and industrial hub that offers customisable solutions to free zone and non-free zone businesses in a multinational community flourishing in over 50 sectors.
 
These areas include the commercial sector accounting for 43 percent of registered companies, followed by the services sector accounting for 34 percent, general trade for seven percent, the media for four percent, and the industrial sector for 3.7 percent, the report said. ....

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