- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-07-31T16:06:00
The United Arab Emirates (UAE) has moved forward with plans to establish federal prosecution entities specializing in economic crimes and money laundering.
A proposal by the UAE’s attorney general, announced by news agency WAM on Sunday, aims to develop the Middle East nation’s judicial system to “keep pace with global economic shifts” and further boost “financial stability and economic growth.”
Approved by the country’s Federal Judicial Council, the proposal is part of a project the Ministry of Justice is working on in conjunction with the FJC to improve professional and legal performance in the UAE.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
