Anti-Money Laundering: A Comparative and Critical Analysis of the UK and UAE's Financial Intelligence Units (Palgrave Studies in Risk, Crime and Society)

This book critically analyses the role of the United Arab Emirates Financial Intelligence Unit (FIU) in the Suspicious Activities Reports regime. The author pays particular attention to its functions and powers in dealing with Suspicious Activities Reports and relevant requirements imposed upon the reporting entities. In the analysis, the author also compares the United Arab Emirates FIU model to the United Kingdom FIU model. In addition, the book investigates whether the current United Arab Emirates FIU model complies with the relevant international recommendations developed by the Financial Action Task Force in relation to the establishment of the unit, as well as its powers and functions. This book suggests that more can be done to improve the current functions and powers of the United Arab Emirates FIU in an international context. Furthermore, the author suggests that the functions and powers of the United FIU model both comply with the international requirements and beneficially extend beyond their directives. Front Matter....Pages i-xix Introduction....Pages 1-16 Financial Intelligence Units in the UK and UAE to Date....Pages 17-38 Banking Confidentiality Versus Disclosure....Pages 39-64 The Nature of the FIU from the Perspective of International Standards....Pages 65-115 The Emergence of the UAE FIU in Counteracting ML....Pages 117-169 Empirical Investigation in Relation to the AMLSCU....Pages 171-204 The UK’s AML Legislation and System....Pages 205-241 The UK’s SARs Regime on ML....Pages 243-279 The Role of the SOCA, Now the NCA, in the SARs Regime....Pages 281-321 Recommendations and Conclusion....Pages 323-367 Back Matter....Pages 369-402 Waleed Alhosani. Includes Bibliographical References (pages 369-382) And Index.