UAE approves establishment of specialized entities to combat financial crimes

The United Arab Emirates’ Federal Judicial Council has given its approval to the UAE Attorney General’s proposal to establish federal prosecution entities specialized in economic crimes and money laundering, Emirates Press Agency (WAM) reported on Sunday.

The announcement is a significant move aimed at enhancing the UAE’s judicial system and bolstering its financial stability, WAM added.

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This crucial step is aimed at aligning the country’s legal framework with global economic shifts and introducing specialized judicial entities to combat financial crimes effectively.

The creation of these prosecution offices targeting economic crimes is part of the transformative projects, known as “government accelerators,” in progress at the Ministry of Justice. These project are being undertaken in close coordination with the Federal Judicial Council, with the ultimate goal of enhancing the professional and legal performance within the UAE’s judicial system.

These specialized prosecution entities will be instrumental in investigating and cracking down on various forms of economic crimes, including corporate crimes, bankruptcy, competition regulation, financial market offenses, intellectual property and trademark violations, as well as crimes related to customs evasion. By taking a proactive approach to tackling such offenses, the UAE aims to protect its national economy and reduce the impact of economic and financial crimes on both the economy and society, the report said.

These entities will play a pivotal role in promoting the UAE’s economic growth and further solidifying its position as a global financial and business hub for investment, WAM said.

This strategic project aligns seamlessly with the “We the UAE 2031” Vision, particularly the “Forward Economy” pillar, which strives to position the UAE as a leading global hub for the new economy. It is closely linked to the ‘Forward Ecosystem’ pillar, which aims to establish the UAE as the world’s safest and most secure country while preserving human rights through the advancement of its legislative and judicial systems.

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