Financial penalties handed to criminals financing terrorism
The UAE has issued fines of more than Dh115 million ($31.3 million) in the first quarter of the year in its fight against money laundering and the financing of terrorism.
UAE authorities have also extradited 899 criminals since 2020, of which 43 were involved in money-laundering crimes.
Ten of those were terrorists or were financing terrorist activities.
“The Ministry of Justice puts the issue of strengthening international co-operation in the field of combating financial crime and organised crime at the forefront of its priorities,” Judge Abdul Rahman Al Blooshi said in a press release last week.
Mr Al Blooshi said the ministry had been working with partners in the country, including the Ministry of Foreign Affairs, the Ministry of Interior and federal and local prosecutors to forge international agreements with countries around the world to tackle money laundering, terrorist financing, human trafficking, drug trafficking and organised crime.
These included 37 signed international agreements on Mutual Legal Assistance, 15 collective agreements and 10 regional agreements to combat money laundering and terrorist financing that have “resulted in making the UAE a successful model and a guarantor of the compliance of companies in various sectors” to combat money laundering and terrorist financing, he said.
Last Tuesday, the Ministry of Justice held its first conference on the role of Central Authorities in combating money laundering and terrorism financing, as well as the obstacles that may hinder legal and judicial co-operation.
Speaking to The National, Mr Al Blooshi said the UAE had a long-standing relationship with the international community to address such crimes.
“For us to have 32 countries present at this conference is a testament and a reaffirmation of our commitment to put a stop to money laundering,” he said.
“The UAE is regularly coming up with policies and strategies to detect these crimes and to prevent the transfer of funds that result in or finance criminal activities.
“These are serious crimes that the UAE has been committed to fighting from the onset.”
Since 2020, the UAE has been asked 3,061 times to help in either the extradition of criminals or for its assistance in thwarting criminal activities such as money laundering and terrorism financing.
In the first quarter of this year alone, the UAE issued fines of more than Dh115 million, a sharp increase from last year's Dh76 million.
During the three-day conference, recommendations were made to ensure these activities remained under control.
These included the importance of establishing direct communication channels between central authorities to enable the execution of legal and judicial requests.
The conference also highlighted the importance of bilateral treaties between countries and exchanging experiences among relevant stakeholders in the field of combating money laundering and terrorism financing.
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