The fight against financial crime doesn’t stop at catching and prosecuting criminals

In the global fight against financial crime, asset recovery proves essential beyond catching and prosecuting criminals. The UAE, currently hosting the 15th UN Congress on Crime Prevention and Criminal Justice, recognizes asset recovery as a crucial component of an effective system. Globally, less than 1% of criminal proceeds are recovered, making asset recovery a litmus test for a country's anti-financial crime efforts.

The UAE has made significant progress, with confiscations more than doubling from Dh1 billion in 2022 to more than Dh2.2 billion in 2023, and exceeding Dh8 billion in total for 2024 and 2023 combined. Remarkably, between 2021 and last year, the UAE returned Dh1.19 billion to victims, demonstrating the tangible impact of asset recovery.

However, asset recovery is not merely a matter of legal proceedings. It requires a nationwide priority, coordinated efforts across various government entities, and legal tools to freeze and seize assets swiftly. The UAE has strengthened its legal framework, giving authorities enhanced powers to freeze funds and confiscate criminal property.

With its strategic position as a global economic hub, the UAE can leverage its international connections to collaborate with other nations and international bodies in identifying and returning illicit assets. By following the money, freezing it before it disappears, confiscating it, and ultimately returning it to victims, the UAE aims to create a justice system that prosecutes criminals, removes their illicit profits, and compensates those who suffered losses.