ABU DHABI // Iran is failing to prevent money laundering and the financing of terrorist groups, according to an intergovernmental financial watchdog.
The Paris-based Financial Action Task Force (FATF), in a report released at a week-long anti-money laundering conference in the capital, also warned other countries to take steps to protect themselves against operations based in the Islamic republic.
Iran was singled out for special criticism as the group named 27 other countries it believes are failing to stem the tide of illegal cash moving around the globe.
The task force applauded Tehran's recent greater engagement with the issue, but said it "remains concerned" about the country's "failure to meaningfully address the ongoing and substantial deficiencies" in its anti-money laundering and terrorism financing practises.
"The FATF remains particularly concerned about Iran's failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system," said the report, published on Thursday.
"The FATF urges Iran to immediately and meaningfully address its deficiencies, in particular by criminalising terrorist financing and effectively implementing suspicious transaction reporting requirements."
It also repeated its 2009 warning for financial institutions to give extra scrutiny to dealings with Iran.
The report was released at the close of the conference, which brought together more than 500 participants and financial watchdogs from 53 countries.
Also on Thursday, the International Monetary Fund reported that Tehran had asked for technical assistance in drafting laws to combat terrorism financing.
In an annual assessment of Iran's economy, the Washington-based global financial institution "noted progress in establishing a more comprehensive" framework in Iran for tackling terrorism financing and money laundering. It urged Iran to strengthen those efforts.
Chizu Nakajima, the director of the Centre for Financial Regulation and Crime at City University in London, said it was no surprise that Iran should appear on the list.
She said FATF had scored significant success in strengthening anti-money laundering legislation since it was launched in 1989.
"There is a practical impact for failing to go along with the FATF recommendations in that other countries could be more reluctant to do business with you," Ms Nakajima said.
"In this day and age, countries can't afford not to be part of the global financial system."
Angola, North Korea, Ecuador and Ethiopia were also singled out for strategic deficiencies, while Pakistan, Turkmenistan, and São Tomé and Príncipe were cited for not fully addressing strategic flaws in anti-money laundering laws. The UAE did not appear on the list.
In November 2008, the FATF criticised the UAE's lack of reporting of "suspicious transactions".
"This list is a welcome move by the FATF and will put significant pressure on the named countries to take money laundering seriously," said Anthea Lawson, a campaigner for Global Witness, a human rights group, which also monitors international trade.
"However, the rich countries at the heart of the FATF need to get their own house in order and ensure that they too are meeting its standards."
Robert Palmer, the director of Global Witness, added: "The United States has serious loopholes in its laws. Banks are not required to properly identify their customers. Every dollar has to go through New York, and yet its own laws are not up to track."
In 2002, the UAE passed federal anti-money laundering laws. Two years later, terrorism laws were adopted making it possible for judges to issue the death sentence for money-laundering.
Qatar, which also appeared on the FATF blacklist, signed a deal with the UAE on Thursday vowing to exchange more information regarding suspicious cases.
The other countries on the FATF list were: Antigua and Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Paraguay, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Thailand, Turkey, Ukraine and Yemen.
newsdesk@thenational.ae
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Frida%20
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THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million