Workshop at the ADJD on Combating Money Laundering Crimes in the Commercial and Real Estate Sectors
March 31, 2022
The Abu Dhabi Judicial Department organised a workshop entitled "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 of the workshop, Counsellor Ali Al Shaer Al Dhaheri, Director of the Judicial Inspectorate at the 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 His Highness 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 effects of this type of crime.
Counsellor Al Dhaheri also said that the organisation of this workshop is a support to the ongoing fight against money laundering crimes, in order to maintain the positive and prestigious 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 combat against abusive or suspicious practices in all business activities.
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 the national economy, as well as the measures necessary to ensure its protection.
For his part, 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, especially with its multiple elements or aspects that include a wide range of activities that may involve assets or proceeds.
Mr. 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 in 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.
Mr. Mohammed Alhassani, Head of Major Prosecution - Financial Crimes, 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 the Emirate of 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 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.