The United Arab Emirates remains committed to instituting anti-money laundering practices in the country and thereby imposing strict penalties to offenders in money laundering cases. The extent of the penalties being imposed generally includes imprisonment and fines equivalent to the misappropriated amount. In its recent verdicts, the UAE courts have set heavy penalties to the tune of even Dirhams Fifty Million in money laundering cases.
Bank frauds are of different kinds and can include different types of financial crimes. It is critical to build awareness on the different type of bank fraud and also to practice the measures that one can take in order to prevent falling victim to such criminal acts.
The UAE continuously tightens its rules and regulations concerning anti-money laundering (AML) and Counter-Terrorism Financing (CTF). It is constantly committed to its goal and vision to establish itself as the global centre for international businesses and commits to the highest standards possible in all streams.
The UAE Ministry of Economy has announced the list of penalties for violations of the laws relating to money laundering and terrorism financing. Around twenty-six categories of fines have been listed, ranging from AED 50,000 to AED 1,000,000.
Dishonored cheques are considered as a crime in UAE under Federal Law number 3 of 1987 on UAE Penal Code.
UAE government promulgated Federal Decree-Law number 20 of 2018 concerning Anti-Money Laundering and Combatting of Financing Terrorism, hereinafter mentioned as Anti-Money Laundering Law
AS part of the requirement of the Financial Action Task Force (FATF), a Federal Decree No. 20 of 2018 on anti-money laundering and countering the financing of terrorism was issued on 23 September 2018.
Finance is a part of everyone's life, but only matters is the usage and effect. The financial relationship between a person and his bank is government by documents and agreements.
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