Newsblog

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Our WIACON news blog regularly informs you about the latest news as well as about interesting facts and background information on current topics.

Has the EU entered the era of extraterritorial sanctions?

In recent years, the United Arab Emirates has found itself at the forefront of international scrutiny following being grey listed by Financial Action Task Force (FATF). The UAE is known as a trade hub in the Gulf region and the country has appeared to be determined to uphold its reputation as a business center. In the following paragraphs, we aimed to explore the UAE´s grey listing case from various perspectives.

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Grey listed UAE: fair or unfair play!

In recent years, the United Arab Emirates has found itself at the forefront of international scrutiny following being grey listed by Financial Action Task Force (FATF). The UAE is known as a trade hub in the Gulf region and the country has appeared to be determined to uphold its reputation as a business center. In the following paragraphs, we aimed to explore the UAE´s grey listing case from various perspectives.

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Ransomware Financing

According to FATF Report in March 2023, ransomware incidents have grown significantly in recent years, both in number and scale. Additionally, the landscape of ransomware attacks has evolved, and attackers have adopted new techniques to increase the profitability of their endeavours and enhance the likelihood of successful attacks. These have led to a global concern on how to prevent and combat the threat.

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Shell vs. Shelf Companies

In the TV series ‘Blacklist,’ Red Reddington – a so called FBI most wanted fugitive who cooperates for hunting down other criminals – advised his contact agent: if you aim to decode the actions of criminals, THINK LIKE A CRIMINAL. This principle also applies to our line of work. To effectively combat crime, we must understand how criminals think and know the loopholes they might exploit. That’s why, at WIACON, we make it a priority to stay updated on everything happening in the realm of financial crime.

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