► reading news

Focus UAE

UAE raises cash limit for travellers to AED 100,000

(01/09/2011) Travellers entering or leaving the UAE can now carry up to AED 100,000 in undeclared cash under a new ruling that came into effect today. The regulation, announced in June, marked the first time the UAE had placed a limit on the amount of money that could be brought into the country, in a bid to curb money laundering.

But the decision also more than doubled the amount of money or bearer instruments that arriving passengers could bring into the UAE, from the previous limit of AED 40,000. Sultan Bin Nasser Al Suwaidi, governor of the central bank, said in June the regulation was a reflection of the UAE’s "open economy".

"As a major trading and financial centre, the UAE …  has put in place a strong legal, regulatory and institutional framework to counter money laundering and combat terrorist financing." The limit applies either to dirhams or the equivalent value in another currency.

Dubai, a Gulf trade and finance hub, has been fighting a reputation as a haven for money laundering since the September 11 attacks of 2001 drew attention to the relative ease of moving money through the city.

The emirate was also named as the likely destination for the missing billions of ousted Arab leaders Hosni Mubarak, the former president of Egypt, and ex-Tunisian President Zine Al Abidine Ben Ali.

Most nations place restrictions on the amount of undeclared money that can be brought in and out of the country. According to International Monetary Fund data from 1996, quoted on the website of global anti-money laundering agency FATF, between $590bn and $1.5 trillion is laundered worldwide each year.

In a report last year, FATF highlighted the business-friendly policies of free zones as a risk for money-laundering activities. "The characteristics that makes free trade zones beneficial for legitimate businesses, also makes them highly attractive for illicit actors who take advantage of a more relaxed oversight to launder the proceeds of crime and finance terrorism," the report said.

From: Arabian Business by Joanne Bladd

Discussion

No comments yet.

Post a comment

 

INTELLIGENT CORPORATE SERVICES | TAX | LAW | COMPLIANCE BANKING | CUSTODIANS | REGISTERED AGENTS | CORPORATIONS

Welcome to the Web of MCI CLT GROUP - have a good Day!

Language

New articles

\n\n\n\n\nThis News Alert information could be useful, maybe essential for your business activities in the United Arab Emirates. Please don’t hesitate to contact us for further inform...
\nEconomic Substance Regulation (Reporting) implemented in UAE – a massive change of the shape of business operating environment\n\n\n\n\n\n\n\n(Dubai, 07/08/2019) The United Arab Emirate...
\n(The Hague, 17.06.2019) TMF Group, MCI CLT’s associated partners in Asian Offshore Association (AOA), published in the beginning of June its 2019 Global Business Complexity Inde...
\n\n\n\n\n(The Hague, 03.06.2019) Coming out of Q1/Q2 of 2019, the crypto currency space is seemingly reigniting the spark it had lost over the bear cycle that began in January 2018. Ar...
\n(Hong Kong, 2018-06-06) RAK Bank, RAK Bank, RAK Bank (although it could be nearly any other UAE Bank)!\n\n\n\nYou and your other competitors are well know - even over borders - for ar...
\n(Dubai, 25/09/2018) Dear Mr. Alabbar, this is for sure the wrong time to blow in the (wrong) nationalism trumpet.\n\n\n\n\n\n\n\nWhile the UAE government is intensively developing a huge ...
\n(Hanoi, 06.05.2019) From 14.-16. May 2019 it\'s time to increase the footprint in Indochina, especially in VietNam.\n\n\n\n\n\n\n\nWHY VIETNAM?\n\n\n\nVietNam is predicted to be the fastest gr...
\n(The Hague, 23.04.2019) The Dutch government has confirmed that a registry of ultimate beneficial owners of companies will enter into force in the Netherlands from 2020.\n\n\n\n\n\n\n\nTh...
\n(Dubai, 09/04/2019) In March 2019, the Parliament of the Commonwealth of Dominica enacted a series of new laws, forced upon it, as well as upon many other independent nations, by ...
\n(The Hague, 04.04.2019) Although from the headline seen \"just\" something related to the Danske Bank Scandal, this article is a brilliant summary of Deutsche Bank\'s US activities (...

Facebook

Tags