Overcompliance in Sanctions Compliance
The proliferation of unilateral and secondary sanctions has led to a concerning trend of overcompliance by businesses, particularly banks and financial institutions. Overcompliance refers to excessively restrictive practices that go beyond the requirements of sanctions regulations.
Detection of money laundering through shell companies
A shell company is a registered legal entity that exists only on paper and has no significant assets or business activities. The shell company pretends to provide real business services in order to conceal illegal funds and its beneficial owner, launder money or avoid tax payments.
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.
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.