In the global marketplace, the attempted use of financial institutions to launder money is a significant problem that has caused great alarm in the local as well as the international community and has resulted in the passage of stricter laws and increased penalties for money laundering in UAE, Europe, United States, Australia, and many other countries. It has also spurred the formation of the Financial Action Task Force on Money Laundering, an intergovernmental body comprised of 39 members and 8 regional organizations established to coordinate the global battle against Money Laundering and Terrorist Financing.
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