Classify the differences between the UAE anti money laundering regime and the UK and US anti money laundering regime.

The FATF is the key global body that facilitates the growth of Anti-Money Laundering regulations. It released some important standards a decade ago, namely:

1. Specifying a list of crimes that must underpin the money laundering offence;
2. The expansion of the customer due diligence process for financial institutions;
3. Enhanced measures for higher risk customers and transactions, including correspondent banking and politically exposed persons;
4. The extension of anti-money laundering measures to designated non-financial businesses and professions (casinos; real estate agents; dealers of precious metals/stones; accountants; lawyers, notaries and independent legal professions; trust and company service providers);
5. The inclusion of key institutional measures, notably regarding international co-operation;
6. The improvement of transparency requirements through adequate and timely information on the beneficial ownership of legal persons such as companies, or arrangements such as trusts;
7. The extension of many anti-money laundering requirements to cover terrorist financing; and the prohibition of shell banks.
8. Write a short and evaluative note on whether these are important and whether the UAE laws are in compliance with these standards.

Instructions:

1. Your submission must be thorough; meaning, the submission reflects your understanding of the concept of comparative legal study and anti-money laundering initiatives – to be critically analyzed.
2. Word limit is up to a minimum of 4000 words. However, the word limit is excluding the references, bibliography and title/cover pages.
3. Use the research, referencing and writing conventions on research methodology (OSCOLA).
4. The submission should have an introduction, main body and conclusion. Have a suitable title and sub-titles (if you feel necessary). All the aspects posed must be addressed in the essay, not as separate answers, but as a comprehensive whole.
5. Include a cover-sheet while submitting the assignment.
6. Ensure that your essay achieves the Course Learning Outcomes included in the table below.

Additional sources: You are required to use additional & suitable sources, cases and examples to support the arguments or reasoning that you adduce.