Photo used for illustrative purposes only.
Gulf Today, Staff Reporter
The UAE Public Prosecution published clarifications about the crime of money laundering on its social media accounts.
It is part of its keenness to enhance the legal culture among all members of society, and raise the level of public awareness of the laws.
President His Highness Sheikh Khalifa Bin Zayed Al Nahyan issued the Federal Decree No. 20 on anti-money laundering and countering the financing of terrorism in 2018.
The Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).
Article (2) of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of illegal Organizations states that:
1 - Any person, having the knowledge that the funds are the proceeds of a felony or a misdemeanour, and who wilfully commit any of the following acts, shall be considered a perpetrator of the crime of Money Laundering:
A- Transferring or converting proceeds or conducting any transaction with the aim of concealing or disguising their Illegal source.
B - Concealing or disguising the true nature, source or location of the proceeds, or the method involving the disposition, movement or ownership of the Proceeds or rights related thereto.
C - Acquiring, possessing or using proceeds upon receipt.
D - Assisting the perpetrator of the predicate offence to escape punishment.
2- The crime of Money Laundering is considered as an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of Money Laundering.
3- Proving the illicit source of the proceeds should not constitute a prerequisite to sentencing the perpetrator of the predicate offence.
The law recommends the establishment of an independent "Financial Information Unit" within the Central Bank to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding suspected illicit financial activity. Under the provisions of this decree, a committee has been set up under the chairmanship of the Governor of the Central Bank titled "The National Committee to Counter Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations."
The 33-year-old Indian inappropriately touched and filmed the boy in his family villa.
The Asian businessman, 55, and supervisor, 43, with the help of fugitives made use of the victims’ financial status to lure them into coming to the UAE with the prospect of better jobs.
The Dubai Public Prosecution referred two female visitors to the Misdemeanors Court on charges of begging people for money. The two women have been arrested and the amounts in their possession, seized.
Dubai Electricity and Water Authority’s (DEWA’s) Jebel Ali Power Generation & Water Production Complex has been confirmed by Guinness World Records as the largest single-site natural gas power generation facility in the world.
An Emirati couple in Abu Dhabi is grateful for the support they have received, giving their seven-month old identical twins, found to be suffering from a rare disease, the chance to live and enjoy life.
A research team of undergraduate students at Khalifa University of Science and Technology have designed and implemented a complete prototype of an electric flying car. This research, which was presented as a graduation project, marks the beginning of futuristic flying cars that will be developed and manufactured in the UAE.
Pursuant to the directives of Sheikh Sultan, the Directorate of Human Resources, in co-ordination and co-operation with all government departments, authorities and institutions in the emirate employed 73 job seekers in January and February.
Dr Tariq Sultan Bin Khadim, Member of Sharjah Executive Council, affirmed that Sheikh Sultan is keen on launching initiatives and issuing directives and decisions for supporting the employment of national cadres and enhance their competitive capabilities to enter the labor market according to corporate plans and strategies and lead the sustainable government development processes.