Money Laundering Laws UAE: 

The Money Laundering activities are declared as illegal activities in all over the world. Why it is declared an illegal activity because this is a threat to the economy. Money Laundering is one of those powerful issues or factors which can destroy the economy, put it on a lower level of growth, and also give birth to other crimes. Money Laundering is connected with other financial and violent crimes in the market too. Therefore, all the countries in the world, they are making very strict Laws with strict implementation to stop and eradicate Money Laundering and related activities. 

The United Arab Emirates is one of those countries where Money Laundering Laws are strictly applied and strict punishments are created. Money Laundering and relevant activities are not allowed in UAE. UAE government counter this challenge with a proper strategy. Federal Decree Law 20-2018 which is on Combating, Money Laundering Crimes is passed in 2018. It stops all the money laundering activities, support, facilitations, and others. People who are found guilty of doing money laundering, in the United Arab Emirates, will have to see the punishment of at least 1 to 10 years, decided by the court. Convicts can also be fined AED 10000 to AED 500000. Convicts can also be given both sentences, like fine and imprisonment both. The punishments can be exceeded if money laundering is found a very dangerous and a very serious threat to national security. In this scenario, the punishments e.g. imprisonments and fines can be quite serious.

Public Prosecutor has the right that if he wants or based on the request of Law enforcement agencies. Can also try to get access/get access to financial details and accounts of the accused or culprit person/persons or the companies. Travel Ban can also be issued until the case is resolved or a verdict is passed. Public Prosecution has the authority here to conduct the investigation, the way they want. The investigations can be more investigative and stricter if the matter is related to national interests and security. Once the crime is proven then the court/judge reserves the right, to issue the order to hold all the disputed assets and funds. People can be deported from UAE if they are found guilty of money laundering activities.  Expatriates/people can be deported once the accusations have been proved wrong. Deportation can be made, by applying article 29/1, from UAE Money Laundering Laws. But as per article 29/2 if the person is found guilty of a misdemeanour. Then, he will be deported after the finishing of, his sentence. 

The article is about Money Laundering and its Laws in UAE. It is defined on a very summarised basis. But for the details, people can book legal appointments with UAE National Attorneys in UAE. For example, Ask The Law – Al Shaiba Advocates and Legal Consultants. These Emirati Lawyers in UAE are authorized and have the expertise to offer legal counselling on Money Laundering and various other issues. If a competent lawyer or legal consultant is consulted then it means, an advanced and updated advice is taken.

Therefore, we also recommend always trying to hire the lawyers. And law firms like Al Shaiba Advocates and Legal Consultants, Business Bay, Dubai, UAE. 

Also read: Maxim Kurbangaleev Money Laundering: The Division of a Bread Launderer

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *