Evaluate and assess national, regional and international money laundering regimes.

The FATF is the key global body that facilitates the growth of Anti-Money Laundering regulations. It released some important standards a decade ago, namely:

1. Specifying a list of crimes that must underpin the money laundering offence;
2. The expansion of the customer due diligence process for financial institutions;
3. Enhanced measures for higher risk customers and transactions, including correspondent banking and politically exposed persons;
4. The extension of anti-money laundering measures to designated non-financial businesses and professions (casinos; real estate agents; dealers of precious metals/stones; accountants; lawyers, notaries and independent legal professions; trust and company service providers);
5. The inclusion of key institutional measures, notably regarding international co-operation;
6. The improvement of transparency requirements through adequate and timely information on the beneficial ownership of legal persons such as companies, or arrangements such as trusts;
7. The extension of many anti-money laundering requirements to cover terrorist financing; and the prohibition of shell banks.
8. Write a short and evaluative note on whether these are important and whether the UAE laws are in compliance with these standards.

Instructions:

1. Your submission must be thorough; meaning, the submission reflects your understanding of the concept of comparative legal study and anti-money laundering initiatives – to be critically analyzed.
2. Word limit is up to a minimum of 4000 words. However, the word limit is excluding the references, bibliography and title/cover pages.
3. Use the research, referencing and writing conventions on research methodology (OSCOLA).
4. The submission should have an introduction, main body and conclusion. Have a suitable title and sub-titles (if you feel necessary). All the aspects posed must be addressed in the essay, not as separate answers, but as a comprehensive whole.
5. Include a cover-sheet while submitting the assignment.
6. Ensure that your essay achieves the Course Learning Outcomes included in the table below.

Additional sources: You are required to use additional & suitable sources, cases and examples to support the arguments or reasoning that you adduce.