Abu Dhabi: The Abu Dhabi Judicial Department (ADJD) has hosted the fifth Abu Dhabi Justice Partners Forum, which covered virtual currency regulations, related concerns, and strategies for preventing money laundering and terrorist funding. The event emphasized the obligations of attorneys in combating these offenses in compliance with UAE law and the most effective global standards.
Many attorneys registered with the Department’s Legal Affairs Division attended the discussion hosted via videoconference technology at the ADJD main office. Additionally, representatives from national and international legal firms also participated.
To carry out the vision of Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADJD, lawyers must work together as strategic partners in the judicial system.
This will enhance the protection of society and the economy from the negative effects of criminal activity and achieve a globally equitable justice system, thereby enhancing Abu Dhabi’s competitiveness and bolstering its standing as a destination for foreign investment.
The definition and risks of virtual currencies, their relationship to blockchain technology, their potential impact on the global economy, the use of deceptive tactics in money laundering and terrorist financing, the role regulatory organizations play in preventing these crimes, and the UAE’s efforts to combat money laundering through international agreements and legislation were among the topics covered during the forum.
The forum specifically addressed the nature and elements of money laundering offenses, the legal obligations placed on financial institutions, business sectors, and non-financial professions to combat money laundering, and the relationship between financial crimes and virtual currencies.
The properties of cryptocurrencies, their link to money laundering and terrorist funding, and strategies for spotting questionable transactions involving virtual currencies were all explained to the attendees.
It was also emphasized how crucial it is to put into action efficient measures to combat these offenses, such as creating internal policies, offering risk assessment training, and analyzing instances using real-world situations.
The seminar emphasized the duties and responsibilities of attorneys and other legal professionals in the fight against financial crimes. It notably emphasized how crucial it is to report suspicious criminal activity while striking a balance between client privacy and ethical standards. In addition, the event underscored the need of doing due diligence on behalf of clients while interacting with virtual currencies and maintaining awareness of the difficulties presented by novel and sophisticated technology.