UAE Introduces Specialized Money Laundering Prosecution Units

The UAE is taking significant steps in the fight against economic crimes and money laundering by setting up dedicated federal prosecution offices. Proposed by the Attorney General and approved by the Federal Judicial Council, chaired by Minister of Justice Abdullah Al Nuaimi

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UAE Establishes Specialized Prosecution Offices to Combat Economic Crimes

these offices are aimed at enhancing the country's financial stability and economic growth. According to state news agency Wam, this move is seen as an initial effort to investigate and crack down on various economic crimes, including corporate crimes, bankruptcy, competition regulation, financial market offenses, intellectual property infringement, trademarks, and customs evasion.

UAE's Unyielding Campaign Against Money Laundering and Terrorist Financing Yields Positive Results: Fines Exceeding Dh115 Million Issued in Q1

Emphasizing its commitment to combatting economic crimes, the UAE is intensifying its efforts to safeguard the national economy and bolster the confidence of international investors in the country's business environment. By strengthening its legislative and legal framework, the UAE aims to attract more businesses to invest in the region. In the pursuit of this goal, the country has already taken substantial measures, including extraditing 899 criminals since 2020, of which 43 were involved in money laundering crimes, and 10 linked to terrorist financing activities.

Egmont Group Plenary in Abu Dhabi Emphasizes Focus on Reporting and Streamlining Procedures

In its relentless campaign, the UAE has issued fines exceeding Dh115 million ($31.3 million) in the first quarter of the year to counter money laundering and terrorist financing. Judge Abdul Rahman Al Blooshi emphasized the Ministry of Justice's priority in strengthening international cooperation to combat financial crime and organized crime. The efforts are bearing fruit, with the Governor of the UAE Central Bank, Khaled Balama, stating that the country's campaign against money laundering and financial crimes is yielding positive results.

UAE's Egmont Group Plenary: Leveraging Modern Technology and Informed Decision-Making t oCombat Financial Crimes

At the opening of the Egmont Group Plenary in Abu Dhabi, Khaled Balama, who also chairs the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, highlighted the country's focus on leveraging modern technology to facilitate reporting suspicious transactions and streamline procedures. The committee's commitment to making informed decisions and issuing fines reflects the UAE's dedication to tackling financial crimes effectively.

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