Anti-money laundering: Diamonds in Dubai

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Money laundering is surely one of the most persistent and pervasive risks faced by banks. The practice is said to be just as common in the Middle East as anywhere else. So how do financial institutions there train their staff to deal with this threat?

The firm’s employees eventually arrive. They explain that staff received anti-money laundering training the previous day and did not clear the table after the session. They also describe the answer one of the board members gave: “I’d convert the money into diamonds; that way it’d be easier to ship out of Dubai.” A joke, Euromoney is certain. When the tale is repeated to the chief executive of a Kuwaiti bank, he rolls his eyes and sighs. “That’s not money laundering training, that’s just basic ethics!” He is astonished anyone would need to be taught what to do in such a case.

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