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Navigating Anti Money Laundering Complexities: Evidence from the UAE
Almheiri, Abdulla Obaid
Almheiri, Abdulla Obaid
Date
2024-12
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Advisor
Type
Thesis
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Description
A Master of Business Administration (MBA) thesis by Abdulla Obaid Almheiri entitled, “Navigating Anti Money Laundering Complexities: Evidence from the UAE”, submitted in December 2024. Thesis advisor is Dr. Kimberly C. Gleason and thesis co-advisor is Dr. Zaher Zantout. Soft copy is available (Thesis, Approval Signatures, Completion Certificate, and AUS Archives Consent Form).
Abstract
The ever-changing global financial system poses complex problems in the fields of Anti-Money Laundering and Countering the Financing of Terrorism. The critical geopolitical location of the United Arab Emirates and it being one of the largest global financial centers make the country distinctive in its efforts to enhance its Anti Money Laundering frameworks to align with international and Financial Action Task Force regulations. The UAE's recent gray listing by the Financial Action Task Force on 4 March. 2022 compelled the country to make an urgent decision regarding stepping up its compliance efforts. This thesis will clarify the contributions of the United Arab Emirates concerning the Anti-Money Laundering and Combating Financing of Terrorism and highlight the country's regulatory, operational, and international cooperation. It assesses the country’s current frameworks in light of the Task Force Recommendations. The thesis considers the various strategic actions that the Country takes towards improving its Frameworks in terms of legislative reforms, institutional improvements, and more substantial international cooperation. While preparing this research, the country took significant steps to enhance the Anti money laundering landscape and fulfill the financial action task force recommendations, resulting in the Country being subsequently removed from the Grey List on 23 February 2024. The grounded theory methodology is used in this research through content analysis of regulatory documents and expert interviews designed to give an inclusive picture of the landscape in the United Arab Emirates. The findings of this thesis will be relevant for policymakers and financial institutions in the country if put into a dynamic framework, which should enable the decision-makers to improve the current practices in line with the dynamic standards of the financial action task force while not hindering the business environment. it will also aim to construct a detailed approach framework on what tools and policies will be implemented within the local financial sector to adhere to the guidelines and maintain the white-list status.