UAE placed under watch for one year by FATF.

[crankthatskunk]

UAE is placed on watch for one year, failure to clear the objection would land UAE in the grey list!

This is also a bad news for Pakistanis and some of the politicians. They had been using UAE for money laundering.

The reports can be downloaded from here;

http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-uae-2020.html

 

[Morpheus]

Good. Let this be the first step to the collapse of UAE.

 

[Hassan Guy]

 

[Irfan Baloch]

Good. Let this be the first step to the collapse of UAE.

they have big support of the west, their Sheikh is accused of having his daughters and wives kidnapped who tried to escape but had them recaptured from UK and India but nothing came out of it.

FATF is a political blackmailing tool by a group of thug countries.
it might just be a pressure tactic on UAE to stay in line

 

[Morpheus]

they have big support of the west, their Sheikh is accused of having his daughters and wives kidnapped who tried to escape but had them recaptured from UK and India but nothing came out of it.

FATF is a political blackmailing tool by a group of thug countries.
it might just be a pressure tactic on UAE to stay in line

The same people who threaten KSA with withdrawing protection, and threaten to place UAE on grey list. Money laundering is rampant in Dubai mostly, and that is the selling point of Dubai. You get rid of that selling point, you are left with nothing.

 

[Shabi1]

FATF keeps proving to be a blessing for Pakistan. Now UAE will need to rethink the loopholes it grants for parking corruption money.

I think UAE is smart enough to find a way to still be lucrative yet filter out ill gotten investments.

 

[Blacklight]

@StormBreaker @Blacklight

This would mean that also those FakeAccounts of the CriminalEnterprise could now become available to Pak...also, this will curb the hundi business...thus Capital flight out of Pakistan as well....

TTz need to be just made more difficult....

We need to plug the Holes within our System... $10Bln every year shiped off to overseas...needs to stop!

We are very creative, if not Dubai then somewhere else for sure.

 

[crankthatskunk]

they have big support of the west, their Sheikh is accused of having his daughters and wives kidnapped who tried to escape but had them recaptured from UK and India but nothing came out of it.

FATF is a political blackmailing tool by a group of thug countries.
it might just be a pressure tactic on UAE to stay in line

Brother, as a matter of fact, the whole world and its institutions are used for this purpose.
There are different rules for different countries. If you are powerful , you get away with everything.
Take example of USA, they regularly threatens UN and its different bodies and get away with it.
The simple reason is their funding.
The recent example of withdrawing funding of WHO is case in point.

 

[Pandora]

Seems like a pressure tactic by US to cut oil production further. If there is any country that should be put under watch list for that is UK and US. Billions get flooded into UK with no questions asked. Even visitors and students can open their bank accounts with no questions about the amount of money getting laundered into the country. This further exposes FATF as nothing but a pressure tool of US.

 

[BHarwana]

they have big support of the west, their Sheikh is accused of having his daughters and wives kidnapped who tried to escape but had them recaptured from UK and India but nothing came out of it.

FATF is a political blackmailing tool by a group of thug countries.
it might just be a pressure tactic on UAE to stay in line

My opinion is this is happening due to Libya.

 

[crankthatskunk]

The same people who threaten KSA with withdrawing protection, and threaten to place UAE on grey list. Money laundering is rampant in Dubai mostly, and that is the selling point of Dubai. You get rid of that selling point, you are left with nothing.

Well, sooner or later that point would be reached by UAE.
The oil business is down. IF you take away the carrot of free trade, UAE is left with nothing. Old days of "Sandals" on the hot sand of Arabia would be back for most UAE resident. Empty buildings, no foreign workers, etc.
You got the picture.

 

[Blacklight]

Well, sooner or later that point would be reached by UAE.
The oil business is down. IF you take away the carrot of free trade, UAE is left with nothing. Old days of "Sandals" on the hot sand of Arabia would be back for most UAE resident. Empty buildings, no foreign workers, etc.
You got the picture.

Free trade is not the issue, the real estate market is where money is laundered. This will be clamped down on.

 

[crankthatskunk]

Free trade is not the issue, the real estate market is where money is laundered. This will be clamped down on.

True, by free trade, i didn't meant the free trade in goods and services. What I meant is the ease of introduction of questionable investment in UAE. Be it for the trade or in most cases smuggling of Gold and other precious commodities. And investment in Real Estate in UAE.

Someone commented about the UK. Yes in the past it was true.

But now very strict money laundering laws and disclosures needed if you want to buy a property or any other investment.

Those who are resident of the UK will vouch for it.
For example , in recent months all the UK bank now requires that only the account holders can deposit money in the bank accounts.

Recently, I needed to deposit cash in to my daughter's account. I wasn't able to do it in her bank.
In the end I ended up transferring from my bank account.

Similarly, I am in the process to buy a property for my daughter.

I have to provide the evidence of the funding, my ID documents, my bank statements for last 6 months.
A declaration that I am gifting the money to my daughter, and would have no share in the ownership of the property or reside in it.

Further, I am also in the process to buy a commercial property in the name of me and my wife.
Among other things , i.e. IDs, Bank Statements, etc. I even have to answer the question that I am not the Wajid Khan , the ex minister of NWFP province.

I was laughing with my agent. I told him, I cannot be, I have never worked in Pakistan.

In short, the system is tighten up a great deal. But I am sure, it is for us mere mortals.
Those big wigs, still may find loopholes to exploit.

 

[Robbie]

FATF is a political blackmailing tool by a group of thug countries.

Or, it might just be a group of countries enhancing anti-money laundering laws and protections. And the countries falling foul of it are generally countries where terrorism and illicit money has found safe haven and/or safe passage.

True, by free trade, i didn't meant the free trade in goods and services. What I meant is the ease of introduction of questionable investment in UAE. Be it for the trade or in most cases smuggling of Gold and other precious commodities. And investment in Real Estate in UAE.

Someone commented about the UK. Yes in the past it was true.

But now very strict money laundering laws and disclosures needed if you want to buy a property or any other investment.

Those who are resident of the UK will vouch for it.
For example , in recent months all the UK bank now requires that only the account holders can deposit money in the bank accounts.

Recently, I needed to deposit cash in to my daughter's account. I wasn't able to do it in her bank.
In the end I ended up transferring from my bank account.

Similarly, I am in the process to buy a property for my daughter.

I have to provide the evidence of the funding, my ID documents, my bank statements for last 6 months.
A declaration that I am gifting the money to my daughter, and would have no share in the ownership of the property or reside in it.

Further, I am also in the process to buy a commercial property in the name of me and my wife.
Among other things , i.e. IDs, Bank Statements, etc. I even have to answer the question that I am not the Wajid Khan , the ex minister of NWFP province.

I was laughing with my agent. I told him, I cannot be, I have never worked in Pakistan.

In short, the system is tighten up a great deal. But I am sure, it is for us mere mortals.
Those big wigs, still may find loopholes to exploit.

While not as tight, the laws in India for property ownership by individuals and corporates have become stringent over the last 5 years. Canada has usually been thorough on this front.

 

[Irfan Baloch]

Or, it might just be a group of countries enhancing anti-money laundering laws and protections. And the countries falling foul of it are generally countries where terrorism and illicit money has found safe haven and/or safe passage.

possibly yes, but then I see some contradictions when I see no questions asked of all those shady property investors in England and the ones who open their accounts in Switzerland.

the good intentions and well meaning principles of anti money laundering laws are applied selectively and sparingly