UAE is a country that opens hearted welcomes people from all countries and backgrounds irrespective of their color, race, sex, creed, caste, or religion. UAE is widely known as a country that encourages investors from around the world to come here. There is less to no scrutiny in UAE as no check or balance is maintained over the money coming from or its sources. Nowadays UAE, especially Dubai, Abu Dhabi are the most trusted and preferred places for the investors to open a business, buying properties etc.
Serious concerns were coming from different parts of the world that used to claim that the UAE is not making efforts to curb illegal money and other financial activities. They were targeted by saying no sufficient steps and efficient moves are taken to limit such transactions. However there is nothing like that. This has put the UAE under pressure due to strategic deficiencies. Therefore, to counter it, the UAE government has made a historic initiative. Preemptive measures are being taken by taking the issue more seriously and also working closely with FATF to quickly address the areas of improvement. UAE is one of those countries where laws are equally and strictly implemented. UAE is one of those countries where even the Block Chain and Crypto Laws have been enforced. Therefore there is no chance of illegal financial dealings or Money Laundering.
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In recent developments, the UAE can now enforce the United Kingdom rulings which have altered ‘safe haven’ status. In the initiative, UAE courts have granted the authority to enforce British Legal Rulings. Now, power is given to enforce judgments imposed in cases in the UK under a landmark ruling by the Ministry of Justice. It is termed as one of the most vital steps towards cooperation between the two countries UAE and the UK. UAE and UK has always been good friends and supporters of each other.
They have allowed it in many categories of legal cases. This alteration applies to the entire court ruling for cases such as Financial, Civil, Non-Criminal, and Marital cases. It calls for the relevant Legal Actions to be taken to impose rulings which are made in UK courts upon the request. Justice System of both countries is amazing. The justice in UK as well as UAE make sure that there should be no injustice with the people living in these two countries. Especially UAE, is considered world’s safest place to live and doing business. In the past, the UAE has been viewed as a ‘safe haven’ for money launderers, smugglers, and people avoiding punishments or penalties in different countries. Now the UAE would not confiscate the money opened by the United Kingdom. This has made it impossible for people to escape sentences in civil cases in the UK and flee to countries like the UAE to avoid penalties.
They can’t avoid their debts anymore. Now the unpaid order can’t be avoided and even if they come to the UAE to avoid it, they just can’t ignore it. Besides, the UK ruling will be considered ultimate for it to be executed in the UAE courts. The intention is also to pursue debt repayment from the people who may have left the UK for UAE to refrain from payments on time. Similarly, in marital cases, a lot of spouses flee to the UAE to avoid their financial obligations. They usually used to find safe havens in UAE which is not the case anymore under the new rule. The initiative is also taken to improve its global image of providing shelter and cover to illegal money and money launderers. With this, they will improve their image across the world.
Financial Opportunities
UAE provides the opportunities to everyone in UAE. It provides equal opportunities to every seeker. Everyone is welcome here. Therefore UAE is the favourite destination, and the favourite destination also provides, opportunities and safety here. Especially the Emirates Dubai and Abu Dhabi are the best places to do business and make the investments.
