Anti Money Laundering (AML) in UAE – Dubai

April 12, 2022by admin0

The anti-money laundering law (AML) describes  a perpetrator of money laundering offence as any individual, who is aware that the money is sourced from a felony or misdemeanour and still continues to transfer, conceal, acquire, helps someone to acquire such money, or possess such money intentionally and deliberately. Transporting or transferring the proceeds of crime, with the sole intention to conceal or disguise its illicit origin also falls under the ambit of anti-money laundering law. Also, any person acquiring, using or possessing such proceeds or assisting the accused of the offence to escape punishment will also be dealt under this law. The UAE government acts firmly with iron hands on such offenders. To know detailed information on anti-money llaundering in Dubai, talk to our expert. The degree on anti-money laundering and countering the financing of terrorism was issued with the intention to develop the legal and legislative structure in the country. It also ensures the compliance with the international standards related to anti-money laundering and  countering the financing of terrorism.

The objectives of the law include establishing a legal framework that supports the agencies and the authorities engaged with anti-money laundering. The aim also includes impressive check on criminal activities in relation with money laundering, and countering the financing of terrorist operations and also, taking firm action against suspicious and dubious organizations. Overall, it helped in combating money laundering cases. The law stipulates that money laundering is independent of predicate crime and the punishment of any person, who had committed the offence shall not protect him/her from penalising for money laundering. In November month of 2020,the ministry of Justice issued a resolution on setting up of specialized courts for money laundering crimes. The courts wil have minor, major and appeals circuit for hearing and handling such offences. The establishments of these courts will help the UAE government to combat finance-related crimes and prosecute the perpetrators in accordance with the legitimate procedures.


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