Saturday, September 18, 2021

Dubai sets up specialised court to fight money laundering

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Dubai has established a specialised court focused on combating money laundering, in a move to “strengthen the integrity of the financial system”, the emirate’s media office said on Sunday.

The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money. In February the government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing.

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“The establishment of the court is aimed at further raising the UAE’s and Dubai’s global competitiveness by reinforcing the rule of law and upholding the values of justice and transparency,” the media office said.

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