30/11/20

UNITED ARAB EMIRATES: Jurisdiction sets up specialised courts in money laundering crackdown.

As published on arabianbusiness.com, Monday 30 November, 2020.

The UAE is doubling down on its efforts to root out money laundering by setting up specialised courts to hear cases in four emirates.

Sultan bin Saeed Al Badi Al Dhaheri, the UAE's Minister of Justice, has issued ministerial resolutions on setting up the courts for money laundering crimes in the courts of Sharjah, Ajman, Umm Al Quwain and Fujairah.

Each court will have minor, major and appeals circuits for hearing these types of crimes, state news agency reported, adding that the establishment of specialised courts will "support the country’s efforts and efficiency in combating crimes related to money laundering".

Separately, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, on Sunday chaired a virtual meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.

Al Dhaheri said in comments published by WAM that a total of 200 law firms in the UAE had failed to comply with anti-money laundering procedures and had been suspended from practicing for one month. Their suspension will be lifted once they fulfil their obligations.

He added that seven law firms in the UAE had been fined AED100,000 each for anti-money laundering violations.