Abu Dhabi court set to tackle money laundering
Abu Dhabi established a specialist court to tackle money laundering and tax evasion.
Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Abu Dhabi Judicial Department, established the court yesterday, state news agency Wam reported.
It is designed to help improve the litigation process and reinforce the country’s competitiveness.
Youssef Al Abri, undersecretary at the department, said the court will support the development of the emirate’s judicial system, ensure the timely adjudication of cases and enhance judges’ expertise.
The department will now organise training for judges and prosecutors specialising in these cases.
The UAE has strict laws to deal with money laundering and other financial crimes.
Earlier this year, the Central Bank said the Emirates had made significant progress with a national plan to combat money laundering and curb terrorism financing.
The UAE is co-ordinating in areas such as government and supervision with other countries that share its commitment to fight financial crime, the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations said in August.
“To create further awareness of financial crimes that threaten the security and stability of the country, [the committee] recently developed a new website to assist strategic partners and stakeholders in complying with international- standard reporting measures,” it said.
In June last year, the UAE become the first GCC country to launch goAML, a platform developed by the UN to curb organised crime.
More than 900 entities including banks, insurance companies and money exchanges joined forces to help regulators clamp down on money laundering.
The establishment of the money laundering court follows an overhaul of the UAE’s legal system, with changes to family law and other areas affecting people’s daily lives announced at the weekend.
The reforms will affect laws that relate to divorce and separation, how assets are divided after a resident dies in the UAE, the sale and use of alcohol, suicide and the protection of women.