What Are the High-Risk Industries for Money Laundering and Terrorist Financing?
Money laundering is an unfair way of obtaining legal money through illegal procedures. Despite being the world’s second-largest economy, the UAE battles with the grave issue of money laundering and terrorist financing. For example, these funds are obtained through corruption, human trafficking, or cheating on the tax system regulated by the government. Money laundering is not only a felony of the law but also works as the aid to finance various terrorism. Given this, the central bank of UAE often updates its anti-money laundering guidelines to track and combat some of the major financial crimes in the world. Under the guideline, there is detailed information about the daily requirements that every financial institute and corporates must adhere to. In this blog, let us understand the high-risk industries for ML and TF. Further, let us also learn why this matter should be taken seriously and how to do so. Why Should High-Risk Industries for ML Be Taken Care Of? High-risk industries for m...