UAE intensifies efforts to combat money laundering and terrorism financing

Counselor Ismail Madani, Senior Advocate General and Head of Public Funds Prosecution on Saturday  affirmed that the Public Prosecution is continuing its unremitting efforts to implement the national strategy to combat money laundering and terrorism financing crimes and put in place a strong financial crime control system in the UAE.

He said the Public Prosecution also remains committed to support efforts to address these crimes by integrating the roles of competent government agencies and enhancing cooperation among them.

He explained that the Public Prosecution and its specialised partners, such as courts, police agencies, Central Bank, Customs, Financial Information Unit and the Executive Office have been given explicit authority to combat crimes of money laundering and terrorist financing.

Other law enforcement agencies have also been authorised to receive reports about suspicious financial practices, issue decisions, track and seize funds and monitor bank accounts.

The Criminal Court has been authorised to impose penalties, confiscations and fines related to funds obtained from these crimes.

The legal authority and powers given to these organisations are part of supportive measures aimed at helping them detect crimes and its perpetrators without prejudice to the legislation in force. Faisal Bin Sulaitin, Executive Director of Dubai Economic Security Centre, stressed that the coordinated efforts of competent authorities to combat economic crimes and protect the funds of the Emirate of Dubai and the UAE from such crimes reflect the commitment to implement the directives of the leadership to combat money laundering and terrorism financing crimes.

The efforts also demonstrate the commitment to detect and deter improper and criminal financial dealings within the territory of the state and use of the territory to facilitate the transit or transfer of funds resulting from any criminal activity.

Bin Sulaitin highlighted the continuous support of the UAE for global efforts to combat money laundering and terrorism financing crimes, in compliance with the standards of the International Financial Action Task Force (FATF). He said the state has taken important steps in the past years to develop a legal framework for achieving this and identify institutional paths for implementing procedures and measures for countering money laundering and financing of terrorism. He further said the establishment of Dubai Economic Security Centre represents Dubai’s first line of defense to protect itself from economic crimes. This will help raise the confidence of global investors in Dubai's secure environment and encourage international financial institutions to make Dubai the centre of their business operations, he added. He called on all public and private institutions and members of society to participate in combating the risks resulting from actions harmful to economic security that investors or consumers may be exposed to or any funds and gains belonging to the emirate, through all the channels provided by competent authorities in the emirate, including the Dubai Economic Security Centre.

WAM