UAE sets up courts, fines law firms to combat money laundering

UAE sets up courts, fines law firms to combat money laundering
UAE Justice Minister Sultan bin Saeed Al-Badi Al-Dhaheri said 200 law firms in the emirates had failed to comply with anti-money laundering procedures and were suspended from practicing for one month. (Shutterstock)
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Updated 30 November 2020

UAE sets up courts, fines law firms to combat money laundering

UAE sets up courts, fines law firms to combat money laundering
  • Justice minister: 200 law firms fined, suspended for failing to comply with procedures

DUBAI: The UAE has set up a series of special federal courts to tackle the issue of money laundering, as part of the country’s wider efforts to combat such financial crimes, it was announced on Sunday.

Justice Minister Sultan bin Saeed Al-Badi Al-Dhaheri issued a series of ministerial resolutions to set up the courts in the emirates of Sharjah, Ajman, Umm Al-Qaiwain and Fujairah. Each court will have minor, major and appeals circuits for hearing money laundering crimes.

“The establishment of specialised courts will also support the country’s efforts and efficiency in combating crimes related to money laundering,” WAM, the UAE state news agency, reported on Sunday.

The announcement comes as Sheikh Abdullah bin Zayed Al-Nahyan, minister of foreign affairs and international cooperation, on Sunday chaired a meeting of the country’s Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.

During the meeting, Al-Dhaheri said 200 law firms in the UAE had failed to comply with anti-money laundering procedures and were suspended from practicing for one month, WAM reported. Their suspensions will be lifted once they fulfil their obligations.

A further seven law firms were also fined 100,000 UAE dirhams ($27,229) each for anti-money laundering violations, the report added.

The Ministry of Economy announced on Nov. 24 the development of a strategic plan to support efforts to combat money laundering practices in the country, and the Anti-Money Laundering Department was established within the ministry.


UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
Updated 23 January 2021

UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
  • It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent

CAIRO: The UAE’s Mubadala Petroleum Company has signed an agreement with Egypt to explore for oil and gas in the Red Sea.

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea and was a result of a bidding round in 2019.

It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent. Egypt’s Tharwa Petroleum Company owns the remaining 10 percent.

The agreement refers to an area known as Sector 4, located in the north of the Red Sea in an area adjacent to the Gulf of Suez Basin, which is rich in natural resources. 

Parties will commit to conducting exploration studies in this sector and collecting seismic data for the area, using three-dimensional techniques, during the first three years of the exploration phase.

“The addition of Sector 4 in the Red Sea represents a new extension of our operations in Egypt, while providing a valuable opportunity to expand our activities, and by working with a strategic partner such as Shell,” said Mubadala Petroleum CEO Bakheet Al Katheeri. “The search and exploration operations in this sector, if successful, will support our strategy of extracting and manufacturing hydrocarbons, in order to contribute to supporting the stability and expansion of the Egyptian market, while providing growth opportunities for our operations in the country.”

Mubadala Petroleum owns a 10 percent stake in the offshore Shurooq gas field concession that includes the Zohr natural gas field, in addition to 20 percent in the concession area of Noor Gas Company. Both are located in the Mediterranean Sea off the coast of Egypt.