Specialized Prosecution Offices to Control Money Laundering

UAE to Establish Specialized Prosecution Offices Focused on Tackling Money Laundering

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UAE to Establish Specialized Prosecution Offices Focused on Tackling Money Laundering

The UAE has announced its intention to create dedicated offices within the federal prosecution system, specifically devoted to addressing the matters of money laundering as well as various other economic offenses.

The Council of Federal Judicial, headed by Abdullah Al Nuaimi who serves as the Minister of Justice, has approved the Attorney General’s proposal.

According to a report from state news agency Wam on Sunday, the establishment of these specialized entities has the objective of bolstering the country’s “economic growth and financial stability.”

The establishment of these new offices is considered a crucial initial step in the efforts to effectively investigate and combat economic crimes, as well as address money laundering.

These offices will handle a range of offenses, encompassing corporate crimes, competition regulation, bankruptcy, intellectual property, trademarks, financial markets, as well as evasions related to customs.

According to a report by Wam, the UAE is making strong and determined efforts to combat economic crimes and money laundering. It is implementing several important measures to strengthen the legal framework and legislative, with the aim of protecting the national economy and increasing international investors’ confidence in the business environment of the UAE. These steps are intended to entice an increased number of businesses to select the UAE as their base of operations.

Combating Financial Crimes

As reported by The National News, in efforts to counter the threat of economic crimes, the Emirates has taken significant steps. Since 2020, there have been 899 criminals extradited by UAE authorities, and 43 of them were linked to money-laundering activities. Out of those, ten were either terrorists or engaged in financing terrorist operations. In its ongoing efforts to combat terrorism financing and money laundering, fines surpassing 115 million dirhams (over 31 million USD) have been imposed by the UAE in this year’s first quarter. The UAE’s Central Bank Governor reaffirmed the effectiveness of the country’s efforts against financial crimes and money laundering this month, stating that they are “yielding fruitful results.”

During meeting at the Egmont Group Plenary, Khaled Balama, the Chairman of the Committee for National AML and CFT in UAE, emphasized the significant measures taken by the country to crackdown on financial crime. Mr. Balama highlighted that the committee places great importance on leveraging advanced technology to streamline the identification of suspicious transactions, expedite procedures, enhance communication efficiency, and make well-informed decisions relating to imposing fines.


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