“The AMLSCU emphasises that donations made to charitable organisations which are not licensed and registered by the competent authorities in the UAE may be exposed to fraud and/or otherwise misused,” the Central Bank statement warned.
“Therefore, donors must be careful, cautious and vigilant while dealing with charitable organisations.”
Mousa Haddad, National Bank of Abu Dhabi Asset Management head trader, told Gulf News: “The Cental Bank is being transparent and is trying to create greater awareness for investors to stay away from companies that are not licensed and regulated by government entities such as [the] DIFC or SCA.”
Haddad added: “The Central Bank wants to protect investors’ rights and increase corporate governance in the country. It is trying to limit the extent of money laundering and financial malpractices to keep the UAE a healthy place for investments, which, in time will have a positive influence in attracting [a] greater number of institutional and global investors into the country.”
Detailed news link: here