Ways to detect and prevent misuse of digital currency in money laundering focus of event
The Abu Dhabi Judicial Department (ADJD) recently organised the fifth Abu Dhabi Justice Partners Forum, in which discussions focused on virtual currency laws, the risks associated with them, and methods for combating money laundering and terrorist financing.
The forum stressed on the duties of those working in the legal field to combat these crimes in accordance with UAE legislation and international best practices.
The forum, held at the ADJD head office via video conference, was attended by lawyers registered with the Legal Affairs Division at the Department, along with representatives from law firms at both national and international levels.
During the forum, topics discussed included deceptive techniques used in money laundering and terrorist funding, the involvement of regulatory organisations in combating these offenses, and the UAE’s efforts to address money laundering through legislation and international agreements.
Attendees were provided with information about the characteristics of cryptocurrencies and their connection to money laundering and terrorist financing, as well as tactics for identifying suspicious transactions involving virtual currencies.
The importance of implementing effective initiatives to fight against these offenses, including establishing internal regulations, providing risk assessment training, and analysing cases through practical scenarios, was also emphasised.
