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Confronting Money Laundering Operations A Study on the Legal Frame Work in Select Middle East Countries

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Abstract

Money laundering is a process whereby the origin of funds generated by illegal means is concealed. Switzerland played an active part in concluding the Declaration of the Basle Calmat on Banking Supervision. The UAE is unequivocally supporting international schemes to deal a deadly blow to money-laundering activities especially those channeled to support terrorism and is willing to provide assistance to other countries in terms of drafting laws and creating financial intelligence units. The present paper is aimed to study the anti money laundering laws and regulations in UAE & Bahrain when compared to international code of conduct in general. The conclusions won’t reflect the author’s individual opinion on the study area. The summary of the study may be useful to understand the current anti money laundering Legal Framework in UAE and select Gulf country to revise, strengthen, and up grade such laws and …

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