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.

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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.

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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.

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