The United Arab Emirates (UAE) is set to establish federal prosecution offices specifically dedicated to combating money laundering and other economic crimes.
The proposal, put forth by the Attorney General and approved by the Federal Judicial Council, is viewed as a crucial step toward investigating and cracking down on these offenses.
In a report by WAM, it was stated that the new offices will address various areas of concern, including corporate crimes, bankruptcy, competition regulation, financial markets, intellectual property, trademarks, and customs evasion offenses.
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By strengthening its legislative and legal framework, the UAE aims to protect its national economy and inspire confidence in international investors, encouraging them to do business in the country. This effort aligns with the UAE’s commitment to combating economic crimes and maintaining a robust business environment.
Over the past two years, the Emirates has taken significant measures to counter the threat of economic crimes. UAE authorities have extradited 899 criminals, with 43 involved in money laundering crimes, including ten connected to terrorist financing.
In its fight against money laundering and terrorism financing, the UAE has issued fines totaling more than Dh115 million ($31.3 million) in the first quarter of this year alone.
Judge Abdul Rahman Al Blooshi from the Ministry of Justice emphasized the UAE’s priority of strengthening international cooperation to combat financial and organized crime.
The UAE’s campaign against money laundering and financial crimes has been yielding positive outcomes, as highlighted by Khaled Balama, the Governor of the Central Bank and chairman of the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee.
In the past, they have successfully cracked down on big personalities involved in money fraud and economic crimes.
Read: UAE: 79 people convicted of fraud, money laundering
