UAE Approves New Units to Tackle Money Laundering and Economic Crimes

UAE’s Attorney General’s proposal for setting up specialized units to focus on economic crimes and money laundering has received approval from the country’s Federal Judicial Council, reported the Emirates Press Agency (WAM) on Sunday.

The strategic move will not only improve the UAE’s court system but also enhance its financial stability. By aligning the UAE’s laws with the dynamic global economic trends, the plan will help in efficiently combating financial crimes.

The Ministry of Justice is currently working on major transformative projects known as “government accelerators,” and the formation of these special units falls under this initiative.

The new specialized units will play a crucial role in investigating and combating economic crimes. These include corporate misconduct, bankruptcy, anti-competitive practices, financial market violations, and offenses related to intellectual property, trademarks, and customs evasion.

These newly formed entities will promote UAE’s economic growth and strengthen its stature as a leading global financial and business hub for investment.

The initiative also aligns with the “We the UAE 2031” Vision, particularly the “Forward Economy” segment.

The vision hopes to establish the UAE as a leading global leader for the new economy and closely ties with the ‘Forward Ecosystem’ component. This component will position the UAE as the world’s safest and most secure country, all while upholding human rights through advancements in its legislative and judicial systems.

Crafts international and UAE news into concise pieces, catering to today's busy readership.

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