UAE: Anti-money laundering units seized Dh2.3 bln in 2021

According to the Anti-Money Laundering and Counter Terrorism Financing units, the UAE task force has seized more than Dh2 billion while snaring money launderers and criminals, in the year 2021.

According to the Anti-Money Laundering and Counter Terrorism Financing units, the UAE task force has seized more than Dh2 billion while snaring money launderers and criminals, in the year 2021.

As a part of an intensive clamp down on financial crime, the executive office of the anti-money laundering and counter-terrorism financing has confiscated around Dh2.3 billion.

The unit gathered such a huge haul through money laundering cases of Dh1.1 billion proceeds of overseas crimes worth Dh300 million. The task force also collected Dh15 million in gold and other precious metals, as well as Dh286 million.

The unit shared the details on Twitter and wrote, “The AML CFT of UAE Progress: The UAE has confiscated more than AED 2.33 billion ($625 million) to date in 2021.”

However, this year, the unit has accelerated its fight against the money-related crimes, by joining hands with the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control.

Reportedly, both organisations have jointly assessed how the financial resources could be used for the development of the biological, nuclear or chemical weapons. In the forthcoming time, the alliance will also emphasise the obligations of the private sector under UAE law.

The team has been working with overseas organisations, including the GCC, the G7, G20 and the Financial Action Task Force, to snatch the offenders.

In December 2021, to tackle the money laundering and terrorism financing, the Financial Intelligence Unit joined forces with the Ministry of Community Development. On the same breadth, in November 2020, the Ministry of Economy formed an anti-money laundering department to deal with the economic crisis. A court was established in Abu Dhabi to tackle the money laundering and tax evasion.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

UAE confirms 243 COVID19 cases

In the United Arab Emirates, today, April 7, 2022, a total of fresh 243 cases of the novel coronavirus were recorded, as per the data shared by the country's Ministry of Health and Prevention.

UAE Floods: Driver’s car overturns while clicking flood images following safety plea by police

Police authorities in the United Arab Emirates have issued a safety plea to the residents and citizens after a motorist was involved in a crash which took place in Al Ain as he was clicking pictures of floods in the area.

Air India boosted Dubai to Delhi flights amid rising demand from passengers

India's flagship carrier Air India has increased its capacity in Dubai, United Arab Emirates, announced the airline on Thursday, June 30.

Recent

IHC to Australia, Manpreet Vohra condemns attacks on Indian temples

Australia: The Indian High Commissioner to Australia, Manpreet Vohra, extended his respects at the BAPS Shri Swaminarayan Mandir in Melbourne on Sunday, where he discussed the community's concern regarding the recently occurred vandalization incidents. 

Dominica: PM Roosevelt Skerrit addresses tourism industry related matters during press conference

Dominica: The Prime Minister of the Commonwealth of Dominica, Dr Roosevelt Skerrit, along with Minister of Environment, Rural Modernisation, Kalinago Upliftment and Constituency Empowerment, Honourable Cozier Frederick, participated in a press

UAE to observe partial Solar Eclipse on 25 October

A partial Solar Eclipse will be observable in UAE and all across the world on 25 October.