The UAE announced plans Sunday to establish judicial bodies to prosecute money laundering and financial crime following increased monitoring by a global watchdog dedicated to battling illicit cash flows. The official WAM news agency reported that the United Arab Emirates has approved a "proposal to establish federal prosecution entities specialised in economic crimes and money laundering". It comes more than a year after the Paris-based Financial Action Task Force (FATF) added the UAE to a "grey list" of nations subject to greater oversight because of concerns over illicit finance.
The FATF listing in March 2022 came as a blow to the UAE's reputation as a major financial and business hub.
