Money laundering: effectiveness of the corporate social responsibility (CSR) law in the UAE

Tareq Na′el Al-Tawil

Journal of Financial Crime, 2023, vol. 31, issue 5, 1126-1139

Abstract: Purpose - The purpose of this paper is to examine the extent to which the corporate social responsibility (CSR) law will help combat money laundering in the United Arab Emirates (UAE). Design/methodology/approach - The paper will first focus on examining whether money laundering and CSR are compatible. Such an analysis will then inform decisions on whether to include anti-money laundering in CSR disclosure requirements. Findings - Key findings from the analysis have shown that the UAE CSR law does not explicitly mention money laundering as part of CSR disclosure requirements. Anti-money laundering (AML) and CSR are compatible and convergence, but money laundering is not yet an integral element of CSR disclosure requirements. Originality/value - There are no clear mechanisms or provisions under the UAE CSR law on how money laundering can be included in CSR disclosure requirements, whether voluntary or mandatory. A pressing challenge now is whether the UAE should regulate AML/combatting the financing of terrorism disclosures under the CSR law. The main concern is that such a move could make mandatory disclosure another technical and regulatory requirement that UAE business must comply, which will be inimical to fostering a strong CSR culture.

Keywords: Money laundering; CSR disclosure; Corporate social responsibility; UAE CSR law (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-07-2023-0172

DOI: 10.1108/JFC-07-2023-0172

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