Jurist Dubai establishes specialized money laundering court to tackle financial crimes

[Dadparvar]

The Dubai government’s media office announced on Sunday that the Dubai Courts have established a specialized money laundering court to thwart financial crimes. The new court was set up within the Court of First Instance and the Court of Appeal.

Through this specialized court, the Dubai Courts hope to increase “the UAE’s and Dubai’s global competitiveness by reinforcing the rule of law and upholding the values of justice and transparency.”

This money laundering court ties into a string of initiatives aimed at reducing financial crimes and follows the recent establishment of the Executive Office of the Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT). The AML/CFT was created by Federal Decree-law No. (20) of 2018, which set forth the criteria for money laundering and terrorism convictions.

In July, Dubai officials met with a US Department of the Treasury delegation to review and discuss AML/CFT related initiatives and issues. Regarding the meeting, Dubai Minister of State Ahmed Ali Al Sayegh said:

The UAE government has invested significantly in building an effective system to combat money laundering and terrorist financing and is actively deepening the dialogue between the public and private sectors. It is a privilege to explain the significant progress being made to our international partners, who we are committed to working closely with as we look to safeguard the integrity of the financial system.

The Head of the Criminal Court at the Court of First Instance, HE Judge Dr. Abdullah Al Shamsi, hopes that the new money laundering court will reinforce UAE “efforts to bring financial criminals to justice.” He said, “This represents another step in the development of the legislative framework and helps reinforce compliance with international anti-money laundering and law-enforcement standards.”

The post Dubai establishes specialized money laundering court to tackle financial crimes appeared first on JURIST - News - Legal News & Commentary.

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