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Dubai has launched a new platform to help the public report economic crimes, such as money laundering, terror funding, bribery, forgery, and embezzlement. The platform is part of the Economic Security Centre of Dubai. It is aimed at boosting community engagement and helping to reduce the negative implications of financial misdeeds on the business community and broader society.
The platform will be administered with strict confidentiality to encourage more involvement from the public. Anyone who suspects economic crime can report it anonymously through the platform, which is available on the Economic Security Centre of Dubai website and mobile app.
Launching the platform is part of Dubai’s ongoing efforts to strengthen its economic security framework and promote sustainable economic growth. The emirate is committed to creating a fair and transparent business environment for all, and the new platform will play a vital role in helping to achieve this goal.
In July, the Government’s first step towards investigating and cracking down on economic crimes and money laundering was establishing federal prosecution offices. Much to our expectation, the UAE Central Bank and Dubai Police announced a partnership to enhance cooperation on information exchange relating to financial crimes to achieve strategic common goals.
The UAE has extradited around 900 criminals since 2020, of which 43 were involved in money laundering crimes, and 10 were terrorists or were financing terrorist activities, according to the latest government data.
The country has also issued fines of more than Dh115 million ($31.3 million) in the first quarter of 2023 in its fight against money laundering and the financing of terrorism. According to data from consultancy Deloitte, the amount of money laundered annually is estimated to be nearly $2 trillion, equivalent to up to 5% of global gross domestic product.
