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UAE to Revolutionize the Financial Regulatory Requirements

A new set of measures are being taken by the Ministry of Justice in the UAE to curb the money laundering activities occurring in the region. These measures include the special committee that will handle the cases related to money laundering in the country. 

Dr Tariq Ahmed Al-Rashed, Attorney-General of Ajman Public Prosecution and member of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, said: “Among the tangible steps taken by the ministry in the recent period is the issuance of ministerial decisions by Sultan Bin Saeed Al Badi, Minister for Justice, to establish special courts to look into money laundering crimes in … Sharjah, Ajman, Umm Al Quwain and Fujairah; and to establish a special committee to manage frozen and confiscated assets. Ministry of Justice is working to enhance the effectiveness of investigations and trials in money laundering cases as well as international judicial cooperation.”

This statement was given when he oversaw a training course regarding the effectiveness of the trials in money laundering cases. He also stated that the Counsel Dr Hamad Saif Al Shamsi, the Attorney General of the State has previously issued a proposal to develop a committee of 22 prosecutors to investigate the money laundering cases. There are also guidelines proposed for the public prosecutors and judges regarding such cases. 

Recently, the Ministry has suspended the licence of 200 law firms in the UAE as a measure to fight off the illicit financial flow. The non-compliant lawyers are also facing legal actions according to the ministry. The penalties against the law firms that were non-compliant range from Dh50,000 to Dh5 million.

The country is also taking the necessary steps towards a digital solution that can ensure regulatory compliance. Recently, the country is implying facial recognition technology to streamline the KYC/AML process.