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Financial Intelligence Units in the UK and UAE to Date

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Anti-Money Laundering

Part of the book series: Palgrave Studies in Risk, Crime and Society ((PSRCS))

Abstract

This chapter deals with the existing literature about the features of the FIU and its functions in AML. This necessarily entails focusing on the SARs/STRs on ML which are received by the FIU. Indeed, the SARs/STRs regime forms the backbone of the tasks of the FIU. We will therefore explore the relevant literature about the role of the FIU in relation to the SARs/STRs regime. The chapter is divided into three sections, each dealing with a specific theme: (1) FIUs and international standards, (2) the UAE’s FIU legal framework and (3) the UK’s FIU legal framework.

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Notes

  1. 1.

    H.E. Ping, ‘The measures on combating money laundering and terrorist financing in the PRC: from the perspective of financial action task force’ (2008) 11 (4) Journal of Money Laundering Control 320.

  2. 2.

    Ibid 321.

  3. 3.

    William C. Gilmore, Dirty Money – The Evaluation of International Measures to Counter Money Laundering and the Financing of Terrorism (Fourth Edition, Council of Europe 2011).

  4. 4.

    Ibid 96–100.

  5. 5.

    Ibid 101–114.

  6. 6.

    Neil Jensen and Png-Cheong Ann, ‘Implementation of the FATF 40 + 9 Recommendations: a perspective from developing countries’ (2011) 14 (2) Journal of Money Laundering Control 110.

  7. 7.

    Ibid 111.

  8. 8.

    Abdullahi Y. Shehu, ‘Promoting financial sector stability through an effective AML/CFT regime’ (2010) 13 (2) Journal of Money Laundering Control 139.

  9. 9.

    Ibid 142 and 143.

  10. 10.

    The statement is available on the FATF’s website at: www.fatf-gafi.org (accessed on 2nd November 2014).

  11. 11.

    Abdullahi Y. Shehu (n 69) 147.

  12. 12.

    Ibid.

  13. 13.

    Jensen Neil and Ann Png-Cheong (n 67) 111.

  14. 14.

    Andrew Clark and Matthew Russell, ‘Reporting Regimes’ in Andrew Clark and Peter Burrell (eds), A Practitioner’s Guide to International Money Laundering Law and Regulation (City & Financial Publishing 2003), 115.

  15. 15.

    Ibid.

  16. 16.

    Ibid.

  17. 17.

    Ibid.

  18. 18.

    International Monetary Fund Handbook, Financial Intelligence Units: An Overview (International Monetary Fund 2004).

  19. 19.

    Paul Allan Schott, Reference Guide to Anti-Money Laundering and Combating the Financing of Terrorism (Second Edition and Supplement on Special Recommendation IX, 2006 The World Bank).

  20. 20.

    Ibid VII-18.

  21. 21.

    Jayesh D’Souza, Terrorist financing, money laundering, and tax evasion- Examining the performance of Financial Intelligence Units (Taylor and Francis Group, LLC 2012).

  22. 22.

    Ibid Xi.

  23. 23.

    Ibid.

  24. 24.

    Ibid 143.

  25. 25.

    Anna Simonova, ‘The risk-based approach to anti-money laundering: problems and solutions’ (2011) 14 (4) Journal of Money Laundering Control 346.

  26. 26.

    Ibid 355.

  27. 27.

    Article 1 of the FLMLC 2002.

  28. 28.

    Article 2 (2) of the FLMLC 2002.

  29. 29.

    Article 7 of the FLMLC 2002.

  30. 30.

    Article 8 of the FLMLC 2002.

  31. 31.

    Graham Lovett and Charles Barwick, ‘United Arab Emirates’ in Wouter H. Muller, Christian H. Kalin and John G. Goldsworth (eds), Anti-Money Laundering: International Law and Practice (John Wiley & Sons Ltd., Chichester 2007), 643.

  32. 32.

    Ibid 650.

  33. 33.

    Hani Ghattas, ‘United Arab Emirates’ in Mark Simpson, Nicole Smith and Arun Srivastava (eds), International Guide to Money Laundering Law and Practice (Third Edition, Bloomsbury Professional 2010), 1049.

  34. 34.

    ‘The United Arab Emirates Mutual Evaluation Report, Anti-Money Laundering and Combating the Financing of Terrorism’ as produced by the FATF on 20 June 2008.

  35. 35.

    Ibid 38.

  36. 36.

    Ibid 45.

  37. 37.

    Ibid.

  38. 38.

    Ibid.

  39. 39.

    Sara Hamdan, ‘Suspect funds on the rise’ The National, Jun 23 2009, available online at: http://www.thenational.ae/business/banking/suspect-funds-on-the-rise (accessed on 19th February 2015).

  40. 40.

    Alkaabi, Ali and others, ‘A Comparative Analysis of the Extent of Money Laundering in Australia, UAE, UK and the USA’ [January 20, 2010] Finance and Corporate Governance Conference 2010 Paper 1. Available online at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1539843 (accessed on 13th November 2015).

  41. 41.

    ‘AMLSCU Annual Report—2010’ as produced by the AMLSCU.

  42. 42.

    ‘AMLSCU Annual Reports—2009’ as produced by the AMLSCU and ‘AMLSCU Annual Report—2010’ (n 102).

  43. 43.

    Which replaced the MLRs 2003.

  44. 44.

    S.340 (11) of POCA 2002.

  45. 45.

    S.1 (5) of the POCA 2002.

  46. 46.

    The review was commissioned in July 2005. Sir Stephen Lander, ‘Review of the suspicious activity reports regime’ as produced by the SOCA in March 2006, available on the SOCA’s website at: www.soca.gov.uk (last accessed on 13th September 2014).

  47. 47.

    Ibid 3.

  48. 48.

    Clive Harfield, ‘SOCA: a paradigm shift in British policing’ (2006) 46 (4) British Journal of Criminology 743.

  49. 49.

    Ibid 747.

  50. 50.

    ‘NCA Annual Plan 2013–14’, as produced by the NCA in October 2013, 4.

  51. 51.

    Emma Radmore, ‘Deferred Prosecution Agreements – for more enforcement action?’ May 2013 Financial Regulation International 1. Available online at: http://www.dentons.com/insights/articles/2013/june/18/deferred-prosecution-agreements-for-more-enforcement-action (accessed on 24th December 2014).

  52. 52.

    Ibid.

  53. 53.

    Karen Harrison and Nicholas Ryder, The Law Relating to Financial Crime in the United Kingdom (Ashgate Publishing Limited 2013).

  54. 54.

    Ibid 26, 27 and 163.

  55. 55.

    Philip Johnston, ‘The National Crime Agency: Does Britain need an FBI?’ The Telegraph, 7 October 2013.

  56. 56.

    Ibid.

  57. 57.

    Sabrina Fiona Preller, ‘Comparing AML legislation of the UK, Switzerland and Germany’ (2008) 11 (3) Journal of Money Laundering Control 234.

  58. 58.

    Ibid 236.

  59. 59.

    Robin Booth and others, Money Laundering Law and Regulation: A Practical Guide (First Published, Oxford University Press 2011).

  60. 60.

    Ibid 93 and 104.

  61. 61.

    Jayesh D’Souza (n 82) 154.

  62. 62.

    William Blair and Richard Brent, ‘Regulatory Responsibilities’ in William Blair and Richard Brent (eds), Banks and Financial crime: the International Law of Tainted Money (Oxford University Press 2008), 241.

  63. 63.

    Ibid 244.

  64. 64.

    Christ Stott and Zai Ullah, ‘Money Laundering Regulations 2007: Part 1’ (2008) 23 (3) Journal of International Banking Law and Regulation 175.

  65. 65.

    Ibid 175.

  66. 66.

    ‘The United Kingdom Third Mutual Evaluation Report, Anti-Money Laundering and Combating the Financing of Terrorism’ as produced by the FATF on 29 June 2007.

  67. 67.

    Ibid 6.

  68. 68.

    Ibid 88.

  69. 69.

    Ibid.

  70. 70.

    Ibid 79.

  71. 71.

    Mark Simpson and Nicole Smith, ‘UK Part III: Practical implementation of Regulations and Rules’ in Mark Simpson, Nicole Smith and Arun Srivastava (eds), International Guide to Money Laundering Law and Practice (Third Edition, Bloomsbury Professional 2010), 95.

  72. 72.

    Ibid 134.

  73. 73.

    ‘Suspicious Activity Reports Regime, Annual Report 2011’, as produced by the SOCA, 37.

  74. 74.

    ‘Suspicious Activity Reports Regime, Annual Report 2010’, as produced by the SOCA, 14.

  75. 75.

    Annexes C and D of the Suspicious Activity Reports Regime, Annual Reports 2010, 2011, 2012 and 2013.

  76. 76.

    International Monetary Fund Handbook (n 79).

  77. 77.

    Paul Allan Schott (n 80).

  78. 78.

    Jayesh D’Souza (n 82).

  79. 79.

    Sara Hamdan (n 100).

  80. 80.

    Jayesh D’Souza (n 82).

  81. 81.

    Robin Booth and others (n 120).

  82. 82.

    (N 114).

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Authors and Affiliations

  1. Dubai Public Prosecution, SHARJAH, UAE

    Dr. Waleed Alhosani (Assistant Chief Prosecutor)

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  1. Dr. Waleed Alhosani
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Alhosani, W. (2016). Financial Intelligence Units in the UK and UAE to Date. In: Anti-Money Laundering. Palgrave Studies in Risk, Crime and Society. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-59455-6_2

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  • DOI: https://doi.org/10.1057/978-1-137-59455-6_2

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