The UAE will host Expo 2020!
  • Arabic
Supported by the UAE National Media Council
We are in the process of developing and improving our website, and we invite you to participate in our brief survey to measure the level of your satisfaction
Satisfaction Survey For UAE Interact Website
رغبة منا بالتعرف على مستوى رضاكم عن موقعنا وبهدف تطويره وتحسينه، فقد قمنا بتصميم استبيان سريع لقياس مدى الرضا عن موقع دولة الإمارات العربية المتحدة روعي في تصميم الاستبيان أن يكون قصيرا وسريعا كي لا نطيل عليكم، وعليه نرجو منكم التكرم باستكماله عن طريق الرابط التالي
استبيان رضا المتعاملين عن موقع دولة الإمارات العربية المتحدة

UAE to tighten disclosure law

posted on 30/05/2013: 3806 views


The Abu Dhabi Finance Public Prosecution has submitted proposals to the National Anti-Money Laundering Committee to amend some articles to add more teeth to Federal Law No 4 of 2004.

Hassan Al Hammadi, Chairman of the Finance Public Prosecution in Abu Dhabi, said the present law covered disclosure of funds entering the country but not outgoing funds or metals, jewellery and precious stones. However, the Central Bank had already instructed banks, exchange houses and exit points to get as much disclosure on outgoing monetary flows

Al Hammadi said there should be a legislative frame issued by a competent authority to cover the activity

Addressing the first monthly media forum organised by the Abu Dhabi Judicial Department here on Wednesday, Al Hammadi revealed that non-disclosure cases directed to the Public Prosecution last year stood at 18, of which 11 were money laundering, and seven cases in which sources of the money were not disclosed

Regarding the disclosure system, Al Hammadi said funds of more than Dh100,000 entering the country should be disclosed. He asked the public to disclose voluntarily if the fund they were bringing in was more than Dh100,000 and their possessions included gold and jewellery. If not, he said, they would be liable by law to make disclosures. – Khaleej Times

RELATED ARTICLES

14 March 2017 UAE creates Federal Public Prosecution for Information Technology Crimes
08 March 2017 Mohammed bin Rashid approves Law to facilitate speedy rulings on minor cases
23 February 2017 UAE spares no efforts to protect and provide dignified life to children: Minister
26 January 2017 UAE Anti Money Laundering and Suspicious Cases Unit signs cooperation MoU with Egyptian counterpart
24 January 2017 UAE ranked first in region, 25th in world on Judicial System Efficiency Index


Most Read