UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls

UAE’s senior judges outline the legal actions taken by authorities to strengthen anti-money laundering measures and due diligence controls in the fight against financial crimes

Senior judges in Abu Dhabi have spoken on the efforts of the UAE against financial crimes such as money laundering and terrorist financing ensuring legal mechanisms and due diligence of officials.

The chief justice of the Abu Dhabi criminal court, Mansour Al Marzouqi stated that reinforcing anti-money laundering mechanisms was an essential step as part of combatting controls against financial crimes. He spoke at a session held by the Abu Dhabi judicial department, the state news agency, Wam reported.

The online meeting comes after law enforcement in the Emirates took prompt action to tackle financial crime. Recently, UAE authorities have made several notable arrests, including the arrest of South African brothers Atul and Rajesh Gupta by the Dubai Police for allegedly embezzling billions from state-owned businesses.

In a $1.7 billion tax fraud case, police also detained hedge fund trader Sanjay Shah last month.

The meeting in Abu Dhabi targeted the strategies in place to counter money laundering and terrorist financing in parallel with the obligations of legal professionals and officers of the court.

The chief prosecutor of major financial matters prosecutions, Mohammad Al Hassani elaborated on the workings of how international cooperation was effective in detecting risks. It was endorsed by the coordination and prosecution of illicit activities associated with money laundering, the proliferation of arms and terrorist financing.

Mr Al Hassani was also the leading officer in the international cooperation section of the attorney general’s office. He emphasized the preventive measures taken in the financial sector, permitting powers to legal bodies for investigations, enforcing laws and transparency improvements.

He discussed the history, types of crimes, and the role played by the corporate sector as well as the obstacles and ways to stop money laundering.

The Abu Dhabi money laundering and tax evasion offences court was also praised by speakers. The judicial system in the emirate is being strengthened, to deal with such crimes, prosecute offenders, and bring them to justice, as per statements of Ridha Khemakhem, a judge at the Abu Dhabi Court of Appeal.

He also went over the UAE’s efforts, from creating institutional and legal frameworks to signing international treaties and agreements. The UAE has pledged to collaborate with foreign partners to root out criminals, punish them, and stop illegal financial networks.

The executive officer of AML/CFT financing elaborated on the confiscations made by the UAE worth Dh2.33 billion ($634 million) in the year 2021 in evacuating financial crimes.

Suggested Read: UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering