The UAE Federal Judicial Council, led by Chairman Abdullah Sultan bin Awad Al Nuaimi, has given the green light to the proposal by the UAE Attorney General to establish federal prosecution
entities dedicated to handling economic crimes and money laundering. This strategic move aims to enhance the UAE's judicial system in response to global economic developments, introducing specialized judicial bodies to bolster the nation's financial stability and economic growth.
The establishment of prosecution offices specifically focused on economic crimes and money laundering is part of the transformative initiatives known as "government accelerators," which the Ministry of Justice is currently collaborating on with the Federal Judicial Council to elevate the professional and legal performance within the UAE. These newly formed entities will take the lead in investigating and combating economic crimes and money laundering, including offenses related to corporate activities, bankruptcy, competition regulation, financial markets, intellectual property, trademarks, and violations of the UAE's financial rights, such as customs evasion.
The significance of this project lies in its role in safeguarding the national economy and mitigating the impact of economic and financial crimes on society. Additionally, it will contribute to the growth of the UAE's economy, enhancing its competitiveness as a global financial and business hub for investment while improving the efficiency and quality of criminal investigations.
The UAE has been relentless in its efforts to combat economic crimes and money laundering, implementing crucial measures to reinforce the legislative and legal framework to achieve this goal. By doing so, the nation aims to protect its economy and inspire greater confidence in international investors regarding the UAE's business environment, encouraging them to establish their ventures within the country.
This project is in alignment with the vision of "We the UAE 2031," particularly the "Forward Economy" pillar, which aims to establish the UAE as the world's top hub for the new economy. Additionally, it supports the "Forward Ecosystem" pillar, which focuses on positioning the UAE as the safest and most secure country globally, ensuring human rights through an advanced legislative and judicial system. Photo by Katzenmeier, Wikimedia commons.
