Money laundering involves taking criminal proceeds and disguising their illegal sources in order to use the funds to perform legal or illegal activities. Simply put, money laundering is the process of making dirty money look clean.
When a criminal activity generates substantial profits, the individual or group involved must find a way to use the funds without drawing attention to the underlying activity or persons involved in generating such profits. Criminals achieve this goal by disguising the source of funds, changing the form or moving the money to a place where it is less likely to attract attention. Criminal activities that lead to money laundering (i.e., predicate crimes) can include: illegal arms sales, narcotics trafficking, contraband smuggling and other activities related to organized crime, embezzlement, insider trading, bribery and computer fraud schemes.
The UAE, cognizant of the need for regulatory legislation, has enacted numerous laws at federal level to prevent and criminalize money laundering and the financing of terrorism.
Organizing Operations at Cash Express Exchange stipulates that any activities that violate the laws of the UAE including money laundering are prohibited. Under this law, Cash Express Exchange is obligated to establish a set of policies and procedures to ensure not to facilitate money laundering and/or the financing of terrorist activities.
We support all the regulators present globally such as FATF, OFAC, UN, EU and the local regulatory authority, which collectively set and enforce standards for anti- money laundering policies and programs.
Cash Express Exchange is committed to supporting both domestic and international efforts and initiatives aimed at combating money laundering and the financing of terrorism in addition to implementing such internal measure as may be deemed necessary.