In the last decades the issue of laundering of criminal and illegal income has become critical in the international arena. This aspect possesses the real threat to the national interests of the developed countries. For this reason it was decided to work out measures to confront this matter on a global level, in particular, by the creation of the FATF international organization.
Description – what is FATF
In English, the abbreviation FATF stands for "Financial Action Task Force” on money laundering . In fact, it is an intergovernmental organization, which is designed for the development and implementation of the common standards in the area of fighting against the financing of the international terrorism and the laundering of the criminal income. The organization was created at the beginning of 1989, and includes both different organizations and whole countries.
All the countries, which are not going to cooperate with this international organization, take the risk of being entered into the special “black” list. It should be noted that this list of countries is constantly updated and changed. In view of the fact that the payments, received from the countries which are in the "black list", fall under the suspicion of the regulatory bodies, that’s why a lot of entrepreneurs avoid cooperation with companies which are registered in the territory of such states.
Moreover, the FATF triggers the creation of the financial intelligence units in order to prevent and to struggle with crimes in the area of the international finance.
On its side UAE as the whole and RAK ICC in particular implement all the latest recommendations and praxis in relation to complying with all the norms and regulations of FATF and strictly follows and the required standards.
