In our previous blog, we discussed how enhanced information and evidence sharing between the United Arab Emirates (UAE) and other jurisdictions (including the UK) would undoubtably lead to increased scrutiny and a greater ability for law enforcement to investigate and prosecute those alleged to be involved in illicit financial activities throughout the Middle East. As we outlined in our blog, this same enhanced information sharing could also lead to prosecuting agencies more easily obtaining evidence from the Middle East.
The latest development
The UAE have just announced amendments to their laws on anti-money laundering (AML) and the financing of terrorism.
This has resulted in the UAE forming a National Committee for Anti-Money Laundering and Combating of the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), as well as the establishment of a Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorisms Financing.
In terms of international coordination, there is a continued focus on coordinating with high-risk countries and building partnerships between respective regulatory authorities and prosecuting agencies.
The UAE have recently shown decisive action with respect to cracking down failures to comply with AML legislation. This includes suspending licences of 23 UAE gold refineries, and the UAE Central Bank fining a lender for breaches of AML laws.
A further warning to those with legal issues in the Middle East
This development is a further warning to individuals and corporations with outstanding legal issues in the UAE. The new amendments will enable the UAE to clamp down more efficiently on alleged money laundering in their own jurisdiction. Furthermore, they will undoubtably facilitate the increase in cooperation between UAE and international law enforcement agencies, resulting in a higher likelihood of extradition proceedings being brought against individuals.
As such, both individuals and corporates who have conducted business in the Middle East and are worried about potential liability, even due to an outstanding civil dispute, should remain vigilant. Any financial dealings will be under even greater scrutiny.
Conclusion
The UAE’s amendments signal the intention to continue focusing on putting a stop to money laundering activities along with implementing and enforcing AML measures. The ultimate goal is to increase detection and prevention of illicit flows through the jurisdiction.
As a result, it is expected that along with intensifying efforts to apprehend high-profile criminals, this will also affect those with personal or business-related legal issues in the UAE.
How Gherson can help
Gherson has extensive experience in providing legal assistance to corporates and individuals who may have outstanding issues in the Middle East.
We have previously written several articles addressing specific concerns in the Middle East:
- Ireland Signs Extradition Treaty With the UAE
- Further Human Right’s Concerns in the UAE
- Interpol Enhances Transnational Financial Crime-fighting Capabilities – Individuals and Corporates Beware
Gherson’s team of legal experts provide advice and assistance for clients who are facing a request for their extradition, fear they might be subject to an INTERPOL Red Notice, are subject to a mutual legal request, or generally require international assistance.
We are very familiar with the speed at which the respective processes can happen and recommend obtaining expert representation as quickly as possible.
We also have an enviable success record in relation to defeating extradition requests, successfully challenging and removing Red Notices and representing individuals subject to various mutual legal assistance measures.
If you are already the subject of an extradition request or are seeking a second opinion on advice you have received, our team has deep experience in dealing with appeals and providing second opinions.
Please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on X, Facebook, Instagram, or LinkedIn to stay-up-to-date.
Updated: November 2024
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2024