The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Dubai Sets up Special Court to Tackle Money Laundering

news1

The new court of law has been established to combat money laundering and related financial crimes within Dubai. 

In an attempt to combat financial crimes such as money laundering, Dubai has formed a specialized court with the primary function of meeting AML (Anti-Money Laundering) compliance standards. This move comes as the emirate seeks to revamp the integrity of the financial system by clamping down on money laundering. 

The Dubai Media Office gave a statement on Sunday, whereby it was revealed that the new court will be set up within the Court of First Instance and Court of Appeal.

Under the directive of the Vice President and Ruler of Dubai, Sheikh Muhammad bin Rashid, the UAE recently established the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) to monitor the enforcement of the country’s AML strategy.

In support of the new body, the Director of Dubai court, Taresh Al Mansouri, stated:

“Reporting money laundering crimes is both an individual and collective responsibility. Society plays a critical role in safeguarding economic and social security and strengthening the efforts of various stakeholders in responding to such crimes.”

Although the country has been dubbed as the “Money Laundering Paradise” on various accounts, the UAE is making strict efforts to combat money laundering and other financial crimes. Last November, the Ministry of Economy set up an AML department, while a court was also established in Abu Dhabi to minimize the threats of money laundering and tax evasion.

Additionally, the country’s central bank also issues guidelines on a regular basis, allowing companies and individuals to assess risks associated with money laundering. Regulators of the country have also teamed up with other central banks and financial regulators to curb financial crimes. 

Another key function of the court will be to help the emirate develop an effective legislative framework and allow it to reinforce compliance with international anti-money laundering law enforcement standards.

Dubai has been intensifying its fight against money laundering. This Saturday, eight criminals and three companies were convicted by the Dubai Misdemeanour Court due to cyber fraud and the laundering of stolen funds amounting to about Dh14 million ($3.81m).

Suggested Read: AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021

Related Posts

News

SkyCity Adelaide Casino Investigation on hold Amid Money Laundering Court Action

The investigation of SkyCity Adelaide’s capacity to hold a casino licence has been “put on hold”....

SkyCity Adelaide Casino Investigation on hold Amid Money Laundering Court Action Explore More

News

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations

After the two-year investigation, the United Kingdom Gambling Commission (UKGC) imposed EUR 3.8 m...

UKGC imposed EUR 3.8 Million Fine on Genesis Global for Social Responsibility and Money Laundering Violations Explore More

News

UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants

The UAE government is ready to launch a new federal authority to regulate online lottery business...

UAE Establishes New Federal Authority for “Commercial Gaming” to Control Casino Giants Explore More

News

London has been Dubbed as a Money Laundering Base

The UK’s capital has been dubbed as a potential hotbed for organised crime, especially after Brex...

London has been Dubbed as a Money Laundering Base Explore More

News

Caterina Giorgi Demands Age Verification Laws for Online Alcohol Businesses

Caterina Giorgi, CEO of the Foundation for Alcohol Research and Education (FARE), has highlighted...

Caterina Giorgi Demands Age Verification Laws for Online Alcohol Businesses Explore More

News

Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings

The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...

Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings Explore More

News

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

News

Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies

The fine for digital currency money laundering in Brazil is set to be raised to two-thirds of the...

Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies Explore More

News

AMLC Continues to Address AML Deficiencies as per FATF Guidelines

The AMLC has reported continued efforts to address the deficiencies specified by the FATF to tack...

AMLC Continues to Address AML Deficiencies as per FATF Guidelines Explore More

News

Uruguay Faces 3 Obstacles in the Fight Against Money Laundering

Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...

Uruguay Faces 3 Obstacles in the Fight Against Money Laundering Explore More

News

Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M

Investigators suspect that the criminal gang laundered part of the cash through casinos in Macau....

Hong Kong Custom Busts Money Laundering Ring Accused of Smuggling HK$170M Explore More

News

EU to Introduce Sixth ‘Anti-Money Laundering Authority’ for Crypto Oversight

The European Union is planning to introduce the sixth “Anti Money Laundering Authority” to look u...

EU to Introduce Sixth ‘Anti-Money Laundering Authority’ for Crypto Oversight Explore More

News

New Zealand to Introduce Digital IDs to Foster Trust in Online Transactions

New Zealand is working towards a national law that would bring consistency to the country’s effor...

New Zealand to Introduce Digital IDs to Foster Trust in Online Transactions Explore More

News

Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines

The Monetary Authority of Singapore (MAS) has imposed $7.8m fines on financial sector businesses,...

Singaporean Regulatory Authority Imposes $7.8M Worth of AML Non-Compliance Fines Explore More

News

FATF warns Turkey over Lapses in Money Laundering and Terror Financing

Turkey has been warned by Financial Action Taskforce (FATF) because of its ‘serious shortcomings’...

FATF warns Turkey over Lapses in Money Laundering and Terror Financing Explore More

News

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

News

FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi

The Financial Crimes Enforcement Network (FinCEN) is focusing on DeFi oversight as government bod...

FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi Explore More

News

EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions

The European Banking Authority (EBA) published findings on money laundering and terrorism financi...

EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions Explore More

News

CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries

The international financial authorities have teamed up with the Group of Twenty (G20) to create C...

CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries Explore More

News

FATF Updates on South Africa’s AML Compliance Progress

A report on South Africa’s progress in implementing AML procedures to prevent money launder...

FATF Updates on South Africa’s AML Compliance Progress Explore More

News

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs)

Ghana’s Security Exchange Commission (SEC) has begun endorsing plans to regulate the crypto indus...

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs) Explore More

News

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture

The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...

CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

World economic forum considers using blockchain to solve supply chain crisis

The World Economic Forum (WEF) stated on Monday that blockchain and digitization can help supply ...

World economic forum considers using blockchain to solve supply chain crisis Explore More

News

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

News

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June

Philippine’s SEC has ordered all financing and lending companies to submit their plans for the im...

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June Explore More

News

AUSTRAC Partners With UK Counterpart to Fight Fraud

The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

AUSTRAC Partners With UK Counterpart to Fight Fraud Explore More

News

8.3 million users affected in ‘Freepik data breach’

Freepik, a free photo and graphics site, has disclosed a major data breach that affected nearly 8...

8.3 million users affected in ‘Freepik data breach’ Explore More

News

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation

A business organization is being penalized £14,000 by the Solicitors Regulation Authority (SRA) f...

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation Explore More

News

South Africa Issues Stricter Guidelines for Crypto Traders

To prevent the surging cases of financial crime, South Africa has introduced rigid regulations fo...

South Africa Issues Stricter Guidelines for Crypto Traders Explore More

News

National Audit Office Plans to Review FCA’s Responsibilities

The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...

National Audit Office Plans to Review FCA’s Responsibilities Explore More

News

FBI Springfield Warns of Growing Fraud Targetting the Elderly

The FBI has warned people of growing elderly fraud.  As per the Internet Crime Complaint Center&#...

FBI Springfield Warns of Growing Fraud Targetting the Elderly Explore More

News

The Anti-Money Laundering Solution Market is Expected to Double by 2025

According to the latest AML solution market report 2020-2026, the post coronavirus pandemic had a...

The Anti-Money Laundering Solution Market is Expected to Double by 2025 Explore More

News

Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation

$29 million in crypto were seized over the last few months in money laundering investigations car...

Dutch Authorities Seize $29 Million in Cryptocurrencies After Money Laundering Investigation Explore More

News

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports

‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...

Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports Explore More

News

A Three-fold Rise in AML Penalties in China in 2020

China’s banks and financial institutions have faced an increase in penalties in the year 2020 due...

A Three-fold Rise in AML Penalties in China in 2020 Explore More

News

British Government Prepares Task Force to Halt Financial Crimes

After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

British Government Prepares Task Force to Halt Financial Crimes Explore More

News

FinCEN Proposes Beneficial Ownership Reporting Requirements

The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

News

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures

Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures Explore More

News

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud

Ex NFL player has been found guilty to one count of unauthorized access device fraud and one coun...

Former NFL Player Guilty of Identity Theft, COVID-19 Relief Fraud Explore More

News

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws

Monrovian embassy of the United States’s ambassador, Micheal A. McCarthy, supports the National R...

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws Explore More

News

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security

Australia’s AML Agency AUSTRAC has partnered with the Pacific Financial Intelligence Unit t...

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security Explore More

News

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

News

Austria- The Growing Hub of Cryptocurrency Approves 18 Operating License

Financial Supervisory Authority like FMA of Austria received requests from forty digital asset pr...

Austria- The Growing Hub of Cryptocurrency Approves 18 Operating License Explore More

News

Florida Man Charged $784 Million in Massive Healthcare Fraud

Creaghan Harry, a man from Florida was indicted of $784 million for committing healthcare fraud a...

Florida Man Charged $784 Million in Massive Healthcare Fraud Explore More

News

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate

Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...

“Student” Occupation Flagged for Money Laundering in Canadian Real Estate Explore More

News

Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms

State Bank of Pakistan on Tuesday amended Anti-money laundering (AML) and Counter Financing of te...

Pakistan’s State Bank unveils new AML/CFT regulations for Forex Firms Explore More

News

New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures

New York’s top financial regulator has fined Robinhood $30 million for failures and shortcomings ...

New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures Explore More

News

UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai

The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...

UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai Explore More

News

Major US Twitter accounts hacked in Bitcoin scam

Billionaires Elon Musk, Jeff Bezos, Barack Obama, Joe Biden and Bill Gates are among the many US ...

Major US Twitter accounts hacked in Bitcoin scam Explore More

News

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries

Thousands of fake vaccination certificates are being sold on the dark web, and through the messag...

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries Explore More

News

Chinese Bank trials the test interface for PBoC’s Digital Currency

One of China’s largest state-owned banks, the Agricultural Bank of China (ABC) is testing a new i...

Chinese Bank trials the test interface for PBoC’s Digital Currency Explore More

News

Germany and Austria to Adopt Digital KYC for Customer Onboarding

Banks and financial institutions are always searching for ways to impress the customers and the d...

Germany and Austria to Adopt Digital KYC for Customer Onboarding Explore More

News

South Africa Anticipates Removal from FATF Gray List in 2025

The South African government is anticipating that they will address all the FATF international st...

South Africa Anticipates Removal from FATF Gray List in 2025 Explore More

News

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

News

EU and British Financial Watchdogs to Investigate Digital Stock Tokens

The German and British regulators are reportedly investigating the stock token trading, recently ...

EU and British Financial Watchdogs to Investigate Digital Stock Tokens Explore More

News

Peru’s Former and Current President under Investigation for Alleged Money Laundering

Peru’s former and current presidents are under investigation for alleged money laundering a...

Peru’s Former and Current President under Investigation for Alleged Money Laundering Explore More

News

Former US Bank Risk Officer fined for AML oversight

Michael LaFontaine, former chief risk officer at U.S. Bank has been imposed a fine of $450,000 by...

Former US Bank Risk Officer fined for AML oversight Explore More

News

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps

With threats of financial fraud emerging across the globe, the Compliance Institute of Nigeria (C...

Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps Explore More

News

Austria- The Growing Hub of Cryptocurrency Approves 18 Operating License

Financial Supervisory Authority like FMA of Austria received requests from forty digital asset pr...

Austria- The Growing Hub of Cryptocurrency Approves 18 Operating License Explore More

News

G20 regulator warns countries to alleviate risks of Libra-like stablecoins

The Financial Stability Board (FSB) has alerted national regulators to gauge standards and tackle...

G20 regulator warns countries to alleviate risks of Libra-like stablecoins Explore More

News

SEC Strengthens the Scrutiny on Money Laundering Activities in Malaya

SEC (Securities and Exchange Commission) said financial institutions and lenders are now obligate...

SEC Strengthens the Scrutiny on Money Laundering Activities in Malaya Explore More

News

Amazon patents block chain-based product authenticator

The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...

Amazon patents block chain-based product authenticator Explore More

News

UAE Central Bank Issues New Anti-Money Laundering Guidelines

The Central Bank stated that all financial institutions have a month to comply with the new AML g...

UAE Central Bank Issues New Anti-Money Laundering Guidelines Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

Low-orbit internet banking fraud claim supposed to be a bunch of space junk

A case of supposed low-orbit digital banking fraud has taken a turn, with the US Attorney’s...

Low-orbit internet banking fraud claim supposed to be a bunch of space junk Explore More

News

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub

The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub Explore More

News

Crypto exchange owner admits laundering $1.8M in online auctions fraud

Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

News

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

News

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions

After one year of being included in the FATF grey list, the global action committee has voted Mal...

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions Explore More

News

13K Affected in Third-Party Data Breach at Anthem MaineHealth

A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

News

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started