Sanjay Shah’s arrest ‘clear signal’ UAE will tackle int’l crime: Minister

There has been 25 legal assistance requests between the UAE and Denmark that have been executed on this particular issue…reports Asian Lite News

The arrest of Sanjay Shah, a suspect in a $1.7 billion dividend tax fraud case in Denmark, following receipt of an international arrest warrant from the Danish authorities, sends a clear signal of the UAE’s intent to work in close collaboration with international partners in pursuit of international crime, said Abdullah bin Sultan bin Awad Al Nuaimi, UAE Minister of Justice.

“International crime requires an international response,” he added.

For the past two years UAE authorities have worked closely with their Danish counterparts to compile a strong body of evidence in this case. There has been 25 legal assistance requests between the UAE and Denmark that have been executed on this particular issue.

The UAE’s commitment to collaboration is also symbolised in the general extradition treaty signed with Denmark in March 2022. This is one of 37 treaties put in place in recent years and the UAE intends to sign more.

Through the robust, collaborative structure of partnership, the UAE is determined to disrupt organised crime in all its forms to protect the UAE and uphold the integrity of the international financial system.”

The UAE had recently reaffirmed its ongoing commitment and efforts to strengthen its regulatory framework in relation to anti-money laundering (AML) and counter terrorist financing (CFT).

In line with international standards and National Strategy of the AML/CFT, UAE authorities are continuing to maintain and implement effective sanctions with robust screening systems and processes, to ensure the integrity, safety and security of the global financial system, the Emirates News Agency reported.

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“As a global commercial hub, the UAE is open to businesses and entrepreneurs from all over the world. At the Executive Office for AML/CFT, our objective is to continuously strengthen the UAE’s framework for combatting financial crime,” said Hamid Al Zaabi, Director General of the UAE Executive Office for Anti-Money Laundering and Counter Terrorist Financing.

On the regulatory front, Al Zaabi added, “We are actively advancing our approach, offering a stable and effective system of regulation and enforcement in line with international standards, working with the business community to ensure they can comply and thrive in an attractive and resilient environment.”