Picture used for illustrative purpose only.
The UAE Public Prosecution (PP), on Monday explained through a post published on its social media accounts about the crime of money laundering.
The UAE Public Prosecution said that the Article 2 of the Federal Decree-Law No. 20 of 2018 for Combating the Crimes of Money Laundering, the Finance of Terrorism, and Financing of Illegitimate Organisations, and the Amendments thereof, stipulates that whoever deliberately commits any of the following acts with being aware of that the money are yielded from an original crime is deemed to have committed the crime of money laundering:
- The transfer or transport of the proceeds or undertaking any process thereon for concealing and disguising the illegitimate source thereof,
- Concealing or disguising the truth, source, location, disposal method movement, or ownership of the proceeds or the rights attached thereto,
- The earning or acquisition of the proceeds upon the receipt thereof ,
- Providing assistance to the committer of the original crime to get away from punishment.
The Public Prosecution also added that in accordance with the Law, the crime of money laundering is an independent crime and the punishment of the committer of the original crime shall not preclude the punishment of such person for the crime of the money laundering.
It is not conditional to obtain conviction of committing the original crime in order to prove the illegitimate source of the proceeds, the UAE Public Prosecution added.
This post is part of the Public Prosecution’s continuous efforts to promote legal culture among members of the community and increase their awareness about the latest legislation in the country.
The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.
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).
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