UAE law on money laundering: Moving funds to conceal source is a crime

Money laundering is a crime and the UAE has made all efforts to root out this practice. Special courts have been set up for such cases and a specialised judicial structure has been set up to combat financial crimes.

According to a UAE Public Prosecution tweet, any person having knowledge that funds are proceeds of a felony or misdemeanour, and those who wilfully commit certain acts (listed below) will be considered a perpetrator of money laundering.

Recommended For You

'We demand respect': Thousands join anti-Trump protest in Denmark over Greenland

Reza Pahlavi confident Iran rulers to fall; Trump holds off despite claiming 'help on way'

'Nothing's changed' in Gaza as US peace deal enters second phase

Yemen's prime minister quits, replaced by foreign minister

IndiGo fined record $2.45 million for December flight cancellations, top official fired

 

> Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source.

> Concealing or disguising true nature or location of the proceeds and the methods involving their disposition, movement, ownership of or rights with respect to said proceeds.

> Acquiring, possessing or using proceeds upon receipt.

> Assisting the perpetrator of the predicate offence to escape punishment.