ABU DHABI // People found guilty of money laundering could face fines of up to Dh1 million and severe jail terms under a tough draft law passed by the FNC.
Members said the new law placed great emphasis on penalising money laundering and cutting off supplies of finance for terrorism.
It states those who transfer, save, invest or exchange the proceeds of money from selling drugs, through terrorism, arms sales, bribery and embezzlement would face criminal charges.
“The term ‘saving’ means keeping them safe, away from security monitoring,” said Ali Al Nuaimi (Ajman).
“We have added investment because that is the most secure way to protect laundered money, according to international economic authorities.”
The financial and economic affairs committee also added the “funding of an illegal organisation”, defined as “any action or behaviour with the intention of saving the finances of an illegal organisation, or one of its activities, or any person affiliated to it”.
Funding in cash, receipts, stocks or documents used by such organisations would be considered suspicious and be confiscated, the law says.
Members debated one contentious article related to securing a conviction without knowing the source of illegal funds.
The article read: “It is not required to secure a conviction … to prove the [original] source of the illicit proceeds.”
Ahmed Al Zaabi (Sharjah) argued that this article was “not right” and Ahmed Al Shamsi (Ajman) agreed.
“Sharia and the law state that there should be no penalty until [the criminal] is found guilty,” Mr Al Zaabi said. “The source must be proved. The origin of any crime is innocence and the exception is to be convicted.”
A legal adviser to the FNC who attended the session said it was one of the principles of money-laundering cases to not have a source.
“In many cases, you are not convicting the main perpetrator, the person that provided the money,” he said. “But you convict the person who is laundering the money through investments or whatever the case may be.”
Financial penalties for conviction will start at Dh5,000. The law now goes to the Cabinet for further examination.
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