'Transparency organization: the UAE is part of a money laundering system and a haven for criminals.'

'people take advantage of a complex property system to acquire real estate and hide their identities and sources of income.

A safe haven and safe placeThe report also notes that UAE authorities do not cooperate with international partners, making it an attractive and safe haven for criminals.

The report confirms that the Financial Action Group intends to place the UAE on the list of monitored countries for one year.

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It also indicates that if the UAE fails to make improvements to its anti-money laundering mechanism, it could join the ranks of countries such as Syria, Yemen and Pakistan suffering from "structural deficiencies".

This report follows a similar report published by the Financial Group at the end of''April, which indicated that the UAE was not taking sufficient action to prevent money laundering despite recent progress.

The report took 14 months to prepare, including a visit to the UAE in July, and assigned a 'low' rating for investigation and prosecution of money laundering and a 'medium' rating for preventive measures and financial sanctions related to the fight against the financing of 'terrorism'.