UAE needs 'stronger measures' against money laundering, terrorism financing: watchdog

TheUAEhas not done enough to stemmoney laundering, and also at high-risk for terrorist financing and global illicit finance, monitoring group Financial Action Task Force (FATF) said on Friday.The report has prompted the watchdog to place the Gulf state under observation for a year due to concerns about illicit financing.In a report that included a visit to the UAE in July, the Paris-based FATF found that the country has made improvements to combat illicit financing.Yet it also needs make bigger strides given its status as a major financial hub.The UAE’s fragmented economy structure, as well as…

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