The UAE Federal National Council’s iron will to exterminate money laundering from the country has led to the drafting of a legislation with razor-sharp teeth. All violators — individuals, financial institutions or trading and businesses — will be dealt with zero tolerance. Money laundering damages a country’s economy by chipping away at all its building blocks — from capital resources, interest rates, currency value, foreign investment and gross domestic product growth, to stunting entrepreneurial growth and leading to imprudent governmental adjustments of fiscal policies due to the artificial market demands created by launderers.
FNC’s draft law, fast-tracked by the government, has empanelled representatives from every sector of the government who are critical to stopping this illegality. Beyond irrevocable punitive measures, including no appeal for the convicted to the Federal Supreme Court, the draft also offers protection to witnesses and whistle-blowers. Historically, the success ratio of catching criminals has been seen to increase exponentially if, going beyond the authority invested in law enforcers, the government creates a safety net for those who can assist in exposing crimes within institutions or of individuals. This is a provision whose importance cannot be overstated and it underscores the UAE’s determination to eliminate this heinous activity.
