If you are living in the UAE _, especially Dubai_ then you know that it’s an extremely law-abiding country, and things like money laundering in Dubai are intensely prohibited.
Let’s learn more with our excellent legal team, our best lawyer Mahmoud Fahmy will explain the meaning of money laundering and the other measures taken against Dubai money laundering, he is practicing law for a period exceeding 30 years and achieved remarkable success in criminal cases from drugs to a breach of trust, fraud, theft, and most recently electronic crimes/cybercrimes.
In addition, Mahmoud Fahmy has obtained/set judicial precedents in civil and real estate cases by securing favorable judgments from the Federal Supreme Court, the Dubai Court of Cassation, and the Abu Dhabi Court of Cassation.
Dubai Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds. In Dubai, money laundering is a serious offense that is punishable by law. The United Arab Emirates (UAE) has implemented several laws and regulations to combat money laundering and terrorist financing, including the Federal Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism.
Money laundering can take many forms, including the use of front companies, shell companies, and false invoicing. Dubai’s reputation as a global financial center has made it a potential target for money launderers, but the authorities have been working hard to prevent this illegal activity from taking place.
To prevent money laundering in Dubai, financial institutions are required to conduct customer due diligence, report suspicious transactions, and maintain records of all transactions. The authorities also conduct regular inspections and investigations to ensure compliance with the anti-money laundering UAE laws and regulations.
How do I file a complaint if I suspect money laundering? money laundering uae news
How to report money laundering in UAE? it is very common question, so, if you suspect that money laundering is taking place in Dubai, it is important to report it to the authorities.
Money laundering is a serious crime that can have serious consequences, including damaging the economy and financing illegal activities such as terrorism.
In Dubai, the Dubai Financial Services Authority (DFSA) is the regulatory agency responsible for enforcing anti-money laundering regulations (AML) in the Dubai International Financial Centre (DIFC).
If you have information about money laundering in the DIFC, you can report it to the DFSA by contacting their Enforcement Division.
To make a report, you will need to provide as much information as possible, including details about the individuals or organizations involved, the location of the activity, and any supporting documentation you have.
You can also choose to report the information anonymously if you prefer.
It is important to note that the DFSA takes all reports of money laundering seriously and will follow up on any information received.
However, it may not be able to disclose the outcome of its investigations to you due to confidentiality reasons.
In addition to reporting money laundering to the DFSA, you can also report it to other authorities, such as the police or the Central Bank of the UAE.
You can also report it to the Financial Action Task Force (FATF), an international organization that sets standards and promotes effective measures to combat money laundering and terrorist financing.
Overall, there are several ways to complain about money laundering in Dubai.
It is important to report this illegal activity to the authorities to help protect the economy and prevent the financing of illegal activities.
Money laundering cases in Dubai | Money laundering UAE Law
some of money laundering cases in Dubai: A group of 19 people were found guilty of money laundering in UAE, embezzlement, and illegally obtaining Dh184 million from a law firm by the Dubai Court of First Instance.
According to court records, the main suspect in the embezzlement case was a 44-year-old former law firm employee. The other defendants were charged with criminal aiding and abetting as well as possession of the embezzled funds.
The main defendant and three other defendants were sentenced to three years in prison, while nine other defendants were sentenced to one year.
The court imposed a Dh20,000 fine on two defendants. The defendants were charged with constructing official documents and using them to expand four legal consulting firms in numerous countries while illegitimately obtaining the funds from the firms.
FAQ about Anti money laundering UAE | legal consultants in dubai
1- What is money laundering meaning ?
Money laundering is the process of making illegally obtained money appear legitimate by hiding its true source.
2- What are the laws and regulations on money laundering in the UAE?
The UAE has implemented comprehensive laws and regulations to combat money laundering and terrorism financing, including the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Law.
3- What is the Punishment for money laundering in UAE?
punishment for money laundering in UAE can include imprisonment for up to 10 years and fines of up to AED 50 million (approximately USD 13.6 million).
Khairallah Advocates & Legal Consultants has a skilled and knowledgeable team of lawyers in Dubai and assistants that specialize in these kinds of cases and offer thorough legal representation for money laundering in UAE. The various potential components of a money laundering allegation are well-known to our team. From embezzlement of funds and credit card payment inconsistencies to laundering of dirty money and loan fraud, we have assisted clients facing the great burden of a criminal conviction.