The UAE has intensified its efforts to bring people who launder money and finance terrorism to justice, prosecutors have said.
Ismail Madani, senior advocate general and head of Public Funds Prosecution, said the Public Prosecution authority is pursuing suspected offenders under a national strategy to put in place a “strong financial crime control system” in the UAE.
Prosecutors are working with courts, police, the Central Bank, Customs, the Financial Information Unit and the Executive Office and given explicit authority to combat crimes of money laundering and terrorist financing.
Other law enforcement agencies have also been authorised to receive reports about suspicious financial practices, issue decisions, track and seize funds and monitor bank accounts.
Criminal courts have been authorised to impose penalties, confiscations and fines related to funds obtained from these crimes.
The legal authority and powers given to these organisations are part of supportive measures aimed at helping them detect crimes and its perpetrators without prejudice to the legislation in force.
Faisal bin Sulaitin, executive director of Dubai Economic Security Centre, highlighted the support of the UAE for global efforts to combat money laundering and terrorism financing crimes, in compliance with the standards of the International Financial Action Task Force.
The state has taken important steps in recent years to develop a legal framework for achieving this.
He said the establishment of Dubai Economic Security Centre represents Dubai’s “first line of defence” to protect itself from economic crimes.
This will help raise the confidence of global investors in Dubai's secure environment and encourage international financial institutions to make Dubai the centre of their business operations, he added.
Earlier this month, a senior UAE official said a new law to tackle money laundering and terrorist financing is being developed. The legislation will govern how charitable donations are made and the way non-profit organisations operate.
Heavy sentences for offenders
Officials highlighted the prosecution of several cases recently.
A former employee of a Dubai bank was convicted of embezzling more than Dh5.23 million ($1,423,000) belonging to real estate development companies that were deposited with the bank, with the assistance of his wife, the second accused.
Essam Eisa Al Humaidan, Attorney General of Dubai, ordered a criminal case to be filed against them following the completion of investigations, and referred them to the Criminal Court.
It passed guilty verdicts, with sentences of five years in prison in absentia and the return of the embezzled money.
In another ruling on a case, Dubai Criminal Court convicted an accused, who entered the country through Dubai International Airport, on the charge of concealing funds in his possession.
The court issued a judgment imposing a fine of Dh100,000 and confiscating the amount seized in different currencies – equivalent to more than Dh1.1m.
This was in accordance with Federal Law No. (20) of 2018 issued by the UAE Central Bank, which specifies the upper limit for funds that can be carried by those coming to the country or leaving its territories without disclosure, said officials.
In another case, the court convicted nine defendants on the charge of providing exchange services and transferring money without a licence, in addition to money laundering.
Another case saw the court sentencing the first accused to two years’ imprisonment and the second accused to six months’ imprisonment and a fine of Dh300,000 each along with deportation from the country.
It also convicted the company of the second accused in its capacity as a legal person and imposed a fine of Dh1m and confiscation of the seized funds, amounting to more than Dh8.7m.
Counsellor Ismail Madani stated that the defendants committed the crime of money laundering by transferring the financial proceeds amounting to more than US$3.2m from the company account of the first accused in a bank in the USA to the local bank account of the third accused in the country.
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
A cryptocurrency primer for beginners
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There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
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Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More Expo 2020 Dubai pavilions:
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
