Anti-Financial Crime & Financial Crime Compliance
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Banking, Financial Services, UAE

NEWS: Disbelief as UAE approves licence for Russia’s MTS bank, underlining fears of Dubai as ‘dirty money’ centre

By Alisha Houlihan for AMLi

European and US governments have reacted with disbelief after the Central Bank of the United Arab Emirates (UAE) granted a banking licence to Russia’s MTS Bank. 

The move has exacerbated growing concerns in the west about the Gulf state becoming a financial haven for Russian dirty money. Moreover, the licencing of MTS is one of the rare occasions the Emirates have granted permission in these circumstances.

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