The UAE is intensifying its measures to tackle financial crimes.
The UAE is taking significant steps to combat financial crimes by establishing federal prosecution offices dedicated to tackling money laundering and other economic offenses. This decision, proposed by the Attorney General and approved by the Federal Judicial Council, aims to enhance the country’s financial stability and economic growth, as reported by state news agency Wam.
These specialized offices mark a crucial advancement in investigating and cracking down on economic crimes, including corporate crimes, bankruptcy, competition regulation, financial markets, intellectual property, trademarks, and customs evasion offenses.
The UAE’s commitment to combating financial crimes is evident in its relentless efforts, as evidenced by the extradition of 899 criminals since 2020, with 43 involved in money laundering activities, and ten connected to financing terrorism. The country has also imposed fines exceeding Dh115 million ($31.3 million) in the first quarter of the current year in its fight against money laundering and terrorism financing.
Judge Abdul Rahman Al Blooshi emphasized the Ministry of Justice’s priority in strengthening international cooperation to combat financial crime and organized crime, underscoring the UAE’s determination to protect its national economy and increase the confidence of international investors.
Governor of the UAE Central Bank, Khaled Balama, highlighted the country’s successful efforts in clamping down on financial crime during the opening of the Egmont Group Plenary in Abu Dhabi. He stressed the committee’s focus on leveraging modern technology to facilitate reporting of suspicious transactions, streamline communication, expedite procedures, and make informed decisions regarding fines.
Overall, the UAE’s campaign against money laundering and financial crimes is yielding fruitful results, signifying the country’s commitment to safeguarding its economy and promoting a secure and thriving business environment for global investors.