UAE sets up special courts to tackle money laundering in four emirates

The decision follows Abu Dhabi's move this month to create a court and prosecution unit for financial crimes

The UAE has introduced a series of measures to tackle money laundering, including closing regulatory gaps for law firms and setting up special courts for financial crimes. The National    

Special courts to hear cases involving money laundering will be set up in four emirates, the Ministry of Justice said.

Sharjah, Ajman, Umm Al Quwain and Fujairah will each have a court for hearing minor, major and appeals cases.

Sultan Al Badi, Minister of Justice, announced the decision as part of efforts to "support the country's efforts and efficiency in combating crimes related to money laundering".

His decision, reported by state news agency Wam on Sunday night, follows a move by Abu Dhabi on November 10 to set up a court in the capital to handle money laundering and tax evasion.

Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Abu Dhabi Judicial Department, issued a resolution to set up the court and begin special training for judges and prosecutors.

Also on Sunday, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, led a meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, which was held remotely.

He reviewed recent efforts by the committee, comprised of Cabinet ministers and department heads, to introduce anti-financial crime measures.

Ahmed Ali Al Sayegh, Minister of State, reflected on how this year the Cabinet issued Resolution No 74 for 2020.

That concerns the lists of terrorists and introduction of UN Security Council decisions relating to preventing and countering the financing of terrorism and non-proliferation of weapons of mass destruction.

Mr Al Badi said four guideline manuals pertaining to money laundering crimes were issued recently to various authorities.

He said 200 law firms in the UAE that had failed to comply with anti-money laundering procedures were suspended from practising for one month.

Their suspensions will be lifted once they fulfil their obligations.

Mr Al Badi also reflected on the recent action against seven law firms that were each fined Dh100,000 for breaching regulations.