Dubai has launched a new court that exclusively deals with Money Laundering Crimes. Under the directives of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai Courts on Sunday, declared the establishment of a specialized court, focused on combating money laundering, Primarily, the court combats money laundering, aiming to “strengthen the integrity of the financial system”.

What is Money Laundering?

Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. It is a crime in many jurisdictions with varying definitions.

What is Anti-Money Laundering?

Anti-money laundering (AML) efforts consist of the laws, regulations, and procedures, which are designed to prevent criminals from exchanging money obtained through illegal activities—i.e. “dirty money”—into legitimate income, or “clean money.” The term “dirty money” originates from the days of Al Capone, who “laundered” the money he earned from his illegal activities through a chain of cash-based coin laundromats.

The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money. In February the government created an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing.

“The establishment of the court is aimed at further raising the UAE’s and Dubai’s global competitiveness by reinforcing the rule of law and upholding the values of justice and transparency,” the media office said.

“This move will enable our stakeholders to raise their efficiency in effectively implementing the National AML/CFT Strategy and National Action Plan and achieving its goals through an empowered and sustainable system,” said Al Mansouri. Taresh Al Mansouri, Director General of Dubai Courts held a meeting, announcing the commencement of the court operation.

Sources: Dubai sets up specialised money laundering court to combat financial crimes | Business – Gulf News