UAE to set up anti-money laundering bodies

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Picture taken on July 27, 2023 shows a distant view of the Ain Dubai (Dubai Eye) observation wheel in Dubai. /CFP

The UAE announced plans on Sunday to establish judicial bodies to prosecute money laundering and financial crime following increased monitoring by a global watchdog dedicated to battling illicit cash flows.

The official WAM news agency reported that the United Arab Emirates has approved a "proposal to establish federal prosecution entities specialized in economic crimes and money laundering".

It said the move "represents a first step towards investigating and cracking down on" shady financial transactions.

The proposal calls for the "creation of prosecution offices specialized in" illicit finance.

Source(s): AFP

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