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

Dubai - Any person having knowledge of illegal funds to be considered perpetrator of money laundering.

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By Web Report

Published: Fri 22 Jan 2021, 1:40 PM

Last updated: Fri 22 Jan 2021, 1:50 PM

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.

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

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> 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.

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Web Report

Published: Fri 22 Jan 2021, 1:40 PM

Last updated: Fri 22 Jan 2021, 1:50 PM

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