The UAE is to establish federal prosecution offices dedicated to money laundering and other economic crimes.
The directive – which was proposed by the Attorney General – was approved by the Federal Judicial Council, chaired by Minister of Justice, Abdullah Al Nuaimi.
The dedicated bodies are being set up in an effort to boost the country's “financial stability and economic growth,” state news agency Wam reported on Sunday.
The new offices are viewed as a “first step towards investigating and cracking down on economic crimes and money laundering”.
These will include corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks and customs evasion offences.
“The UAE is intensifying its relentless efforts to combat economic crimes and money laundering, taking many crucial steps to strengthen the legislative and legal structure towards reaching this goal, and to protect the national economy, further enhancing the confidence of international investors in the UAE’s business environment and encouraging them to bring their businesses to the UAE,” Wam reported.
Tackling financial crimes
The Emirates has sought to counter the threat posed by economic crimes.
UAE authorities have extradited 899 criminals since 2020, of which 43 were involved in money-laundering crimes.
Ten of those were terrorists or were financing terrorist activities.
The UAE has issued fines of more than Dh115 million ($31.3 million) in the first quarter of the year in its fight against money laundering and the financing of terrorism.
“The Ministry of Justice puts the issue of strengthening international co-operation in the field of combating financial crime and organised crime at the forefront of its priorities,” Judge Abdul Rahman Al Blooshi said in a press release issued in May.
The UAE's campaign against money laundering and financial crimes is “yielding fruitful results”, the Governor of the country's Central Bank said this month.
Speaking at the opening of the Egmont Group Plenary in Abu Dhabi, Khaled Balama, who is also the chairman of the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, highlighted the country's efforts to clamp down on financial crime.
The committee places “great importance on leveraging modern technology to facilitate the reporting of suspicious transactions, enable efficient communication, expedite procedures and make informed decisions regarding issuing fines”, Mr Balama said.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Company%20profile
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Killing of Qassem Suleimani
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The five pillars of Islam
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
