UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring

The United Arab Emirates is enhancing its money monitoring system to combat illicit cash flows, money laundering, and financial scams by establishing new judicial bodies.

The UAE has revealed its plan to create federal prosecution agencies, specialising in economic crimes and money laundering. This will assist the global anti-money laundering authorities in curbing illicit cash flows. These judicial bodies will supervise cryptocurrency crimes, money laundering, financial markets, and compliance regulations. A significant reason for developing a UAE money laundering judicial system is to uphold the integrity of the international economic structure and introduce specialised entities to lead the country toward financial stability and growth.

According to the officials, the Federal Judicial Council has approved the UAE attorney journal proposal to establish federal prosecution entities which are experts in financial crime and money laundering. They said, “This plan represents a first step towards investigating and cracking down on shady financial transactions.”

The implementation of this plan is part of a wider transformative project that is currently in motion, collaboratively led by the Minister of Justice and the Federal Judicial Council. All these plans are in focus to improve businesses and legal performances in the UAE. 

Over a year has passed since the UAE was added to the Financial Action Task Force (FATF) gray list due to concerns surrounding the influx of illegal cash into the country’s economy, further damaging the larger global financial system. This has also led to dire consequences on the country’s financial reputation that has consequently impacted business in the region. The newly created judicial entity aims to enhance international businesses’ trust in the UAE and encourage business growth.

Following the development of the Minister of Justice’s new implementation, UAE will no longer rely on oil trading, they will be able to diversify their economy and counter international organisations who criticised them for failing to crack down on illicit cash transactions. 

Suggested Reads:

NIGERIA EMPLOYS NEW BOR INITIATIVE TO BE REMOVED FROM FATF’S GREY LIST

NEW YORK FEDERAL RESERVE SUED BY PUERTO RICAN BANK FOR BLOCKING SERVICE IN VENEZUELA

GERMANY TO ESTABLISH NEW REGULATORY BODY TO COMBAT MONEY LAUNDERIN