Islamic banking and money laundering in United Arab Emirates

ACKNOWLEDGEMENT

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ABSTRACT

In the following research study we will try to analyze the concepts of money laundering and Islamic banks in the region of United Arab Emirates. The study will also examine the role of Islamic banks and impact of money laundering in Islamic banks of United Arab Emirates. The main focus of the study is to analyze the various strategies which should be adopted by Islamic banks to combat money laundering and terrorist financing. The study will also analyze the various risks which are associated with money laundering in Islamic banks. The research study adopts the primary research method for the purpose of data collection and analysis. In the end the research study also provides adequate recommendations and suggestions for future research and also provides implications for the study.

The study has mentioned that money laundering has become a serious issue in the financial markets and the banking industry. Money laundering is not particular to a society, state or financial system. It takes place all over the world, and costs companies and customers billion each year. Every economic service contributor all over the world requires protecting itself, its clientele and its human resources by offering the essential guiding principles, policies and guidance to avert and become aware of money launder practice. Putting simply, money launder practice takes account of: hiding the individuality of unlawfully acquired wealth so that it seems to have appeared from an officially permitted resource.

The major regulations leading anti-money laundering and contradict terrorism funding in the UAE are: (1) Federal Rule No. 4 of 2002 concerning criminalization of money ...