UAE to step up fight against financial crimes with specialised prosecution entities

In the wake of increased scrutiny by the global anti-money laundering watchdog, The United Arab Emirates’ Federal Judicial Council has given its approval to the UAE Attorney General’s proposal to establish federal prosecution entities specialized in economic crimes and money laundering.

It said the move "represents a first step towards investigating and cracking down on" shady financial transactions. The proposal calls for the "creation of prosecution offices specialized in" illicit finance.

The dedicated bodies will also help boost the confidence of investors.