UAE’s OPEN ECONOMY AND COMPLEX POLITICS MEANS AML REGULATION IS MORE DECENTRALISED THAN IN CENTRALISED SAUDI KINGDOM NEXT DOOR
January 1st, 2019
The Kingdom of Saudi Arabia and the United Arab Emirates (UAE) are political and economic heavy-weights in the Middle East, but while they have much in common, their anti-money laundering/combating the financing of terrorism (AML/CFT) regimes and the risks they face significantly differ, primarily due to the UAE’s greater exposure to the international financial system.
Of course, neighbouring Saudi Arabia and the UAE are stalwart allies of the West, both having a strong international standing due to their economic and political clout derived from oil exports. ...
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