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Did you know that in 2019 alone, criminals moved a whopping $2.8 billion in Bitcoin? Yes, you read that right! Cryptocurrency is now one of the preferred destinations for illicit funds by criminals worldwide. Surprisingly, more than half of this amount was transferred to just two exchange platforms - Binance and Huobi.

But wait, there's more! The Global Terrorism Index 2023 (GTI) has reported that terrorism deaths have decreased by 9%. While this may sound like great news, this is mainly due to the Taliban's transformation from a terror group to a state actor in Afghanistan.

As per the GTI, the Middle East and North Africa (MENA) region recorded an overall improvement of 6% in its score in 2022, with 14 countries showing improvement, three deteriorating, and three with no change. However, the United Arab Emirates (UAE), Israel, and Iran recorded a deterioration.

Did you know that the AML software market is projected to reach a whopping USD 1,770 million by 2023? That's a growth rate of 15.2% - it's safe to say that the fight against financial crime is definitely on the rise!

Have you ever wondered about the actual cost of money laundering to nations worldwide? Well, determining the actual cost is difficult due to the multiple layering and integration processes that funds go through. However, according to recent statistics, the United Nations estimates that the value of money laundering worldwide is between 2% and 5% of the world’s GDP. That's approximately $800 billion to $2 trillion laundered annually. Can you imagine that much money?

In the first two months of 2023, the UAE's Financial Intelligence Unit received 81% more Suspicious Transaction Reports/Suspicious Activity Reports (STR/SAR) than the previous year, totaling nearly 7,000 reports from financial institutions and DNFBPs.

Did you know that during the first quarter of 2023, the United Arab Emirates' (UAE) supervisory authorities were hard at work, with the UAE Central Bank leading the charge? In fact, the Central Bank conducted a whopping 464 off-site and 128 on-site inspections and handed out fines totaling nearly Dh70 million.

But that's not all – the Ministry of Economy also stepped up their game, carrying out a staggering 4,344 off-site and 3,360 on-site inspections, and issuing fines totaling Dh16.5 million. With this level of activity from the country's supervisory authorities, it's clear that the UAE is serious about cracking down on financial crime and ensuring compliance with regulations.

GET SERIOUS WITH COMPLIANCE FOLKS!