Confiscate of proceeds under UAE AML Law

This article discusses Federal Decree by Law No 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations in United Arab Emirates. Here we will see Confiscate of proceeds under UAE AML Law in detail.

The court shall, once the perpetration of the crime is verified, confiscate the following:

a) Funds from the crime site, proceeds and instrumentalities used or intended to be used in the crime.

b) Any funds owned by the perpetrator with an equivalent value to the funds and Proceeds mentioned in paragraph (a) of this clause if it fails to confiscate those funds.

The confiscation shall be imposed irrespective of whether the funds, Proceeds, or Instrumentalities are owned by or in possession of the perpetrator or a third party without prejudice to the rights of third party acting in good faith.

In the cases of the death of the accused in a crime punishable under the Decree Law and not being able to identify the owner of the assets involved in the crime shall not prevent the public prosecution from referring the case file to the competent court to issue an order to confiscate the seized funds, proceeds and instrumentalities if it is established that they were related to the crime.

Without prejudice to the rights of bona fide third parties, any contract or act where the parties, or any one of them or otherwise are aware that such contract or act aims at impacting the ability of the competent authorities to enforce the seizure, freezing or the execution of the confiscation order, shall be void.