Punishment for Financial Crimes
Different Types of Financial Crimes in the UAE and World
A Fine of AED 100,000 to 500,000 and a jail term of up to 10 years is the punishment for proven money laundering crime in the UAE. Depending on the severity, the fine could go up to AED 1,000,000. Any other sort of financial crime can get a person imprisonment of 3 years and or AED 30,000 penalty.
In the year 2021, Dubai – a prominent emirate in the UAE has set up a new court of law to prevent all kinds of financial crimes in Dubai and UAE. The Prime Minister of the UAE and also the Ruler of Dubai stated that the country has all the guidelines to prevent all financial activities that destabilize its economy. The introduction of a special court to deal with financial crimes is a part of the National Plan of preventing financial misconduct and terror funding.
As per the Director-General of Dubai Courts Mr. Tarish Al Mansouri, the launch of financial crimes prevention court in the primary court and appellate court will ensure greater transparency in financial transactions. The mechanism is for ensuring a flawless and sustainable working system. He also reminded the public about the people and institutions’ responsibility of reporting the money laundering cases.
As per the law in the United Arab Emirates, society as a whole and individuals are responsible to ensure the financial ethics of the country are maintained. The court is set up to bring financial criminals to justice faster.
Also Read,
- What is impersonating in financial crime?
- How does Tax Cheating financial crime happen?
- What is the financial crime of bribery?
- What is Digital Financial Fraud?
- How to check Offline Financial Fraud?
- What is online fraud?
- Meaning of Counterfeiting in Financial Crime?
- What is Terror Funding Financial Crime?
- What is Money stealing financial crime?
Punishment for Financial Crimes