The Federal Judicial Council, chaired by Abdullah Sultan bin Awad Al Nuaimi, Chairman of the Council, has approved the UAE Attorney General’s proposal to establish federal prosecution entities specialised in economic crimes and money laundering.
The step aims to develop the UAE’s judicial system to keep pace with global economic shifts and introduce specialised judicial entities, further boosting the UAE’s financial stability and economic growth, reports WAM.
The creation of prosecution offices specialised in economic crimes and money laundering is a part of the transformative projects (government accelerators) on which the Ministry of Justice is currently working in coordination with the Federal Judicial Council to improve the professional and legal performance in the UAE.
The establishment of these entities also represents a first step towards investigating and cracking down on economic crimes and money laundering, including those that fall on economic interests such as corporate crimes, bankruptcy, regulation of competition, financial markets, intellectual property and trademarks, or that violate the UAE’s financial rights, such as customs evasion crimes.
The project’s significance lies in its role in protecting the national economy and reducing the impact of economic and financial crimes on the economy and society, as well as growing the UAE’s economy and enhancing its competitiveness as a global financial and business hub for investment and improving the efficiency and quality of criminal investigations.
Source: Bahrain News Agency