What are “Financial Crimes”?
Financial crimes happen all over the world and cover a big umbrella of specific crimes and can occur in many different forms. Some of the most common occurring financial crimes in financial sectors are money laundering, bounced Cheques, forgery, fraud, tax evasion, insurance fraud terrorist financing, identity theft and any other form of embezzlement which specifically includes the wrongful of taking the money and property of a person who has been entrusted to look after that. Other frauds in financial sectors might include crimes and
frauds related to bank loan or credit card internal dealing, bribery, corruption, or market abuse.
Financial Crimes and Laws in the United Arab Emirates
Combating with financial crimes is one of the most important agendas on any company’s profile. The financial crime laws in different states of UAE contain a proper legal framework, in order to combat the different forms of financial crimes that occur in financial sectors. There are different punishments for financial crimes in the UAE depending upon the intensity of the fraud.
An individual committed to such frauds and financial crimes in UAE in liable to hefty fines, prison sentence ranging from a month to 3 years or even more depending upon the intensity of crime and victim restitution order under the laws of UAE and their courts which involves the payment to the victim by an offender under the criminal justice
Credit Card Fraud
One can expect a huge penalty for credit card fraud in UAE as it is considered a big financial crime and is taken very seriously and can leave a permanent mark on your criminal record along with the heavy fine and prison sentence.
The white-collar crime of forgery occurs when the person alters the documents and poses ass another individual and is involved in the false making of the documents or any other legal instrument. According to financial crime laws in UAE, the punishment for forgery in prison is even steeper and could exceed 15 years of imprisonment in jail and other heavy penalties including hefty fines and probation. If in case you are being charged with forgery in UAE, seek immediate legal advice from the lawyers.
Identity theft one of the severe criminal crimes is considered a felony offense under the criminal and financial laws of UAE and occurs when the person is involved in the use of other person’s identity to gain any benefit or privilege. The person proved and guilty of being identity theft is charged with heavy fines, probation, and a permanent mark on his criminal record.
Money laundering is an illegal process and criminal activity where the illegal money obtained from illegal or fraud resources is being hidden or concealed in order to pretend that the money was made from legal and legitimate resources. It is an immoral deed and the UAE government has strict laws against it and with time the penalties for this unclean deed have also been increased. The money laundering offense in UAE shall be punished by the heavy fine of AED 100,000 -AED 500,000 along with imprisonment of 10 years in jail.
Insurance fraud occurs when the person tries to falsely claim that the accident occurred in order to gain insurance benefits and other financial gains. According to the financial laws in the UAE, the person is charged with penalties and fine.
Financial Crime Investigator in UAE
We have a leading team of top financial lawyers and attorneys in Dubai and other states of UAE with an extensive experience of more than a decade in the field to provide you with legal services and we do understand the financial risks that you might face is a company or an individual. We have in-depth mechanisms and tailored solutions depending upon the size, nature and type of your organization in order to understand, access, identify, maintain and
monitor the risks that you might face. We have one of the best criminal lawyers in Dubai, Abu Dhabi and other states of UAE for all types of criminal offenses.
Our services include
We provide legal assistance for following services
- Recovery and tracing of assets
- Anti-money laundering
- Investigating the embezzlement and fraud committed in the corporate sector
- Protect the interests of clients before his public prosecution
- Defending the clients before prosecutions and representing in court
- Helps in tracing and recovery of assets
- Corporation for international judicial
- To make aware client of financial regulations and laws
- Advising the clients on global sanction
- To liaison with INTERPOL
- To help individuals in criminal investigations and assist them for legal entities