UAE to establish federal prosecutions dedicated to economic crimes and money laundering
Aim is to ensure UAE’s financial stability and economic growth.
Abu Dhabi: The UAE will set up specialised federal prosecutions dedicated to handling economic crimes and money laundering, in a step that is aimed at supporting the country’s financial stability and economic growth.
The Federal Judicial Council, chaired by Abdullah Sultan Awwad Al Nuaimi, Minister of Justice and Chairman of the council, has given its approval to the Attorney General’s proposal for the establishment of federal prosecutions dedicated to looking into cases related to economic crimes and money laundering.
The move aims to enhance the country’s efforts in combating financial fraud and illicit financial activities, reinforcing its commitment to maintaining a transparent and secure financial system. It also aims to the judicial system alignment with the evolving economic landscape and the growing need for specialised courts dedicated to hearing cases related to financial crimes and money laundering.
The establishment of specialised prosecutions is part of transformational projects, known as government accelerators, that the Ministry of Justice is currently working on in coordination with the Federal Judicial Council to improve the professional and legal performance in the country. It also represents the first phase to assume the tasks of investigating and hearing economic crimes and money laundering, including those that harm economic interests such as corporate crimes, bankruptcy, and regulating competition, financial markets, intellectual property and trademarks.
The importance of the project is embodied in protecting the national economy and reducing the effects and damages of economic and financial crimes on the economy and society, as well as advancing the UAE economy and enhancing its competitiveness as an attractive environment for investment, in addition to improving the efficiency and quality of judicial investigations and speeding up the judicial process.
By focusing on these critical areas, the UAE seeks to bolster its financial stability and promote sustainable economic growth in the country, in line with its commitment to combating financial crimes effectively and ensuring a secure and transparent financial environment for its citizens and investors.