As “dirty money” gets deeper into the international banking system, the UAE is getting tougher with money launderers to strengthen the integrity of the country’s financial system and attract more foreign investments, according to members of the Federal National Council. “The UAE is working tirelessly to follow the best international standards on combating money laundering and the financing of terrorism because of the seriousness of the menace,” said Mohammad Saeed Al Raqabani, FNC member from Fujairah, told Gulf News on Sunday…
…Ali Eisa Al Nuaimi, a member from Ajman, said the new rules states that money launderers may face up to ten years in prison, a fine of up to Dh500,000 or both.
In the case of a business, the penalty is a fine ranging between Dh300,000 and Dh1 million. Also, the proceeds of any money-laundering activity are confiscated.
Al Nuaimi, also a rapporteur of the panel, added that protection will be provided to witnesses who testify against suspected criminals in organised crime including terrorism, money laundering, trafficking in drugs and humans and big fraud cases.
Board members, managers and staff of financial businesses who fail to report any money laundering transaction or terrorist financing will face a jail term of up to three years, a fine of up to Dh300,000 or both.
Al Nuaimi said tipping off money laundering suspects about any financial review or action taken by the authorities will be punished with a jail term of up to a year, a fine of up to Dh100,000 or both. Failure to declare any controlled substance or amounts to be determined by the authorities will be punished with a jail term, a fine or both.
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