By PAUL O’DONOGHUE, Senior Correspondent
COMPLIANCE salaries can be twice as much in Dubai compared to the same role in London, according to reports.
Due to 0% tax rates and relocation packages, this can add up to four times as much free income.
That’s according to Financial News London, which reports that the boom in the United Arab Emirates’s finance sector has created a strong demand for regulatory and compliance staff.
Citing people ‘familiar with the market’, the publication said headline compliance salaries in the UAE “are around 1.5 times to two times UK levels, both at regulators and in corporate roles”.
“That headline salary might translate into 4 times more free cash, due to the emirate’s 0% personal income tax rate and relocation packages,” it said.
These packages can include financial help with private schools, cleaners, nannies and transport.
Dubai compliance salaries rise amid finance boom
Rabya Anwar, managing partner of law firm AG UA, said: “Dubai is offering eye-wateringly attractive salaries to regulatory professionals from London’s financial services industry and it is, in some cases, able to double remuneration packages.”
The UAE has increasingly looked to improve its compliance reputation since it was placed on the FATF (Financial Action Task Force) ‘grey list’ in 2022. This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) systems.
Jurisdictions on the FATF greylist are placed under increased monitoring, which tends to lead to reduced international investment.
The UAE was removed from the list in February after FATF said it had made significant improvements in its money laundering controls.
Since then, the UAE has looked to strengthen its compliance offering. Initiatives have included creating new state-backed AML bodies. The UAE has also pledged to work closely with the EU and UK to combat financial crime and money laundering.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
