As the emirate seeks to intensify its efforts and the integrity of its financial system and support nationwide efforts to clamp down on money laundering, Dubai has formed a specialist court that will focus on fighting money laundering and other financial crimes.

The new entity will be set up within the Court of First Instance and Court of Appeal. “This move will enable our stakeholders to raise their efficiency in effectively implementing the National AML/CFT Strategy and National Action Plan and achieving its goals through an empowered and sustainable system,” said Taresh Al Mansouri, Director General of Dubai Courts.

“Reporting money laundering crimes is both an individual and collective responsibility. Society plays a critical role in safeguarding economic and social security and strengthening the efforts of various stakeholders in responding to such crimes.”

The UAE has strict measures to combat money laundering and other financial crimes. In November, the Ministry of Economy set up an anti-money laundering department, while a court was also established in Abu Dhabi to tackle money laundering and tax evasion.

The country’s central bank also regularly issues guidelines to help companies and individuals assess money laundering risks. The regulator has also teamed up with other central banks and financial authorities to fight financial crimes.

The establishment of the new court will further improve the UAE’s and Dubai’s global competitiveness by “reinforcing the rule of law and upholding the values of justice and transparency”, the statement said.

The new court will also help the emirate develop its legislative framework and allow it to reinforce compliance with international anti-money laundering law enforcement standards.

Source: The National News