Life in jail, Dhs10 million fine for money laundering in UAE

Money laundering crime in the UAE is penalized by life imprisonment, a fine of up to Dhs10 million, and deportation for foreign offenders, according to lawyer and legal consultant Omar Al Awadi who emphasised that the UAE has tightened its measures against such crimes due to their severe impact on the financial and economic systems.

Under Federal Law No. 26 of 2021 on Combating Money Laundering and Terrorist Financing, money laundering is treated as a major crime, with stringent penalties for individuals and entities involved.

Al Awadi noted that strict administrative sanctions have been adopted for those who neglect or cooperate in such crimes, including the temporary or permanent closure of involved establishments and the cancellation of commercial licences in some cases.

The money laundering crimes include depositing illicit funds in banks to disguise them as legitimate, purchasing real estate or vehicles using proceeds from criminal activities, transferring funds abroad to conceal their true source, and financing unauthorised or illegal organisations, according to the law.