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Money laundering court to fight ML/CFT in Dubai

MEDIA / Articles / 2021 / Money laundering court to fight ML/CFT in Dubai
The new move of establishing specialised money laundering court in Dubai is in line with the UAE’s leadership’s vision to strengthen UAE’s financial system and under the directives of the Vice President and Prime Minister of UAE and Ruler of Dubai.

This initiative will further help Dubai, UAE’s global competitiveness to fight financial crimes and uphold justice and transparency. With the growing concerns of crimes related to money laundering, in August 2021, Dubai Courts announced the arrival of the specialized courts aiming at combating money laundering offences and is followed by establishment of the Executive Office of the Anti-Money Laundering & Countering of Financial Terrorism (AML/CFT).

It is of great relevance that with the establishment of AML/CFT courts in Dubai, because financial crimes are sophisticated in nature, mainly involving the process of Placement, Layering and Integration. The analysis of such offences clearly require in-depth analysis and involvement of judiciary members who are well-versed, eloquent and aware of financial crimes.

UAE being a pro financial hub with its strategic location in the world map, it is fundamental for the country to comply with international regulations and implement standards to regulate its financial, regulatory and judicial system. The nation has taken several steps already towards the implementation the elimination of money laundering and financial crimes by introducing federal laws to combat ML/CFT, creating departments within the financial system to detect such crimes.

It is understood that with the incidents such a Panama Papers, Pandora Papers, global hubs sheltering numerous offshore entities are much discussed in the tabloids. Therefore, the impact of such initiatives is quite tangible in the UAE from the economic perspective. It will categorically improve the nation’s ranking i.e. ranking with the Financial Action Task Force (FATF). The increased efficacy and refined integrity would allow UAE to become more attractive market for every foreign investors.

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