The Ministry of Economy in the UAE has been working on registering and regulating all Designated Non-Financial Businesses and Professions, making sure they meet legal requirements including anti-money laundering rules. Dubai Courts on Sunday announced the establishment of a specialised court, focused on combating money laundering, within the Court of First Instance and Court of Appeal.
The move, under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is in line with the UAE leadership’s vision to strengthen the integrity of the financial system.
It follows the establishment of the Executive Office of the Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT) by Sheikh Mohammed to oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan (NAP). The Executive Office reports to the UAE’s Higher Committee overseeing the implementation of the country’s National AML/CFT Strategy chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.
The new court will support Dubai’s efforts to tackle financial crimes, including money laundering, as part of the UAE’s wider endeavour to combat crime.
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