Abu Dhabi: The Abu Dhabi Judicial Department (ADJD) recently organised a workshop titled ‘Combating Money Laundering Crimes in the Commercial, Economic and Real Estate Sectors in the Light of UAE Legislation and Judicial Principles and International Experiences’, as part of the efforts to strengthen anti-money laundering measures in line with the UAE’s policy on combating financial crimes.
In his opening speech at the workshop, Counsellor Ali Al Shaer Al Dhaheri, Director of the Judicial Inspectorate at ADJD, stressed the importance of discussing the mechanisms of dealing with money laundering crimes and supporting the efforts in this fight, in line with the directives of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of Abu Dhabi Judicial Department, to set up a judicial system that reinforces the protection of society and the economy from the ill-effects of this type of crime.
Maintaining the reputation of UAE
Al Dhaheri also said that the organisation of this workshop was in support of the ongoing fight against money laundering crimes, in order to maintain the reputation that the UAE enjoys in the world and to consolidate its leading position in the field of financial and commercial control and in the fight against abusive or suspicious practises in the realm of business.
Judge Saeed Al Reyami, president of Al Ain Court of First Instance, said the workshop deals with the seriousness of money laundering crimes on economic, commercial and real estate activities and their direct impact on the competitive position of national economy, as well as the measures necessary to ensure its protection.
Judge Clayton John Conlan from the Superior Court of Justice of Canada, reviewed the Canadian experience with money laundering, the penalties provided for by law and the evidentiary standards for these crimes, and the specialised units competent to investigate this phenomenon.
Global anti-money laundering standards
Amr Farouk, head of the Technical Office of the Anti-Money Laundering and Counter-Terrorist Financing Unit at the Central Bank of Egypt, shed light on the process of money laundering in the real estate sector, the risks of exploiting this sector through suspicious transactions and international anti-money laundering standards, noting that the real estate sector is an attractive environment for money launderers for a number of reasons, including the ease of buying and selling in cash.
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Money Laundering and Tax Evasion Court
Mohammed Alhassani, head of Major Prosecution, Financial Crimes, and head of the International Cooperation Section at the Technical Office of the Attorney General, spoke about the ongoing efforts to develop the judicial system in Abu Dhabi, through ad hoc instances and the creation of the Money Laundering and Tax Evasion Court, to strengthen the UAE’s proactive efforts in combating these crimes and to ensure that the perpetrators are prosecuted and brought to justice by taking numerous measures in cooperation with the relevant authorities within the framework of a developed legislative and judicial system.