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The United Arab Emirates expects to signal seven extradition agreements with nations world wide this 12 months, underscoring a push by officers to cleanse the nation’s picture since a March “gray-listing” by a world monetary watchdog.
The UAE has 37 mutual authorized help and extradition accords in place, together with pacts with the UK, France, Italy, India and China, a spokesperson on the Govt Workplace of AML/CFT, the UAE authorities physique answerable for tackling illicit finance points, mentioned in an e mail to Bloomberg Information.
“We count on to have seven further agreements this 12 months,” the spokesperson mentioned with out naming the nations. “Negotiations and discussions on this matter are ongoing with a lot of the UAE’s different companions world wide.”
The feedback comply with a string of high-profile arrests over the previous week in Dubai, the nation’s industrial hub. The UAE is now in talks to extradite two members of the Gupta household, accused of looting billions from South Africa — the brothers have at all times denied the allegations.
Hedge-fund dealer Sanjay Shah, alleged to be the mastermind behind the $1.9 billion cum-ex dividend scandal, was additionally arrested in Dubai final week. Shah has repeatedly mentioned he did nothing unlawful.
The arrests got here three months after the Paris-based Monetary Motion Activity Drive added the UAE to an inventory of nations topic to larger oversight for shortcomings in tackling illicit finance. The inflow of Russian cash into the nation for the reason that invasion of Ukraine has drawn further scrutiny from Western officers.
Whereas it’s not but clear what the ultimate influence of the UAE’s efforts shall be, the current arrests are more likely to function a warning to others accused of monetary crimes, in line with diplomats, bankers and attorneys working within the nation.
The FATF has mentioned it desires the UAE to implement an motion plan to reveal “a sustained enhance” in efficient prosecutions of various kinds of cash laundering circumstances. The nation ought to come off the grey listing when it meets the group’s standards, although that is unlikely for no less than a 12 months, in line with individuals acquainted with the overview course of.
Whereas the arrests and different steps taken by the UAE ought to place the nation extra favorably, officers will in all probability nonetheless face some questions on the circulate of Russian belongings into the nation, the individuals mentioned.
A consultant at FATF declined to remark. The UAE’s Govt Workplace of AML/CFT mentioned the nation is dedicated to working carefully with FATF to shortly treatment the areas of enchancment recognized.
© 2022 Bloomberg L.P.
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