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Criminal Aspects of Money Laundering in UAE

The Serious Organized Crime Agency (SOCA) of the United Kingdom, expressly defines money-laundering as, “Money laundering is any action to conceal, arrange, use or possess the proceeds of any criminal conduct.” As quoted by the former Mexican President, Enrique Pena Nieto, “I think money laundering is giving oxygen to organized crime.” Thus, money laundering in simple terms can be defined as an act of shielding the illicit source of money from being known by using legitimate methods of financial transactions to transfer such money, thereby, concealing the act of crime out of which such money was produced. Money laundering is a tactic used by criminals to make illegal or dirty money appear to be legitimate. Inevitably, the smooth functioning of the financial sectors all across the globe is prone to get compromised by such an illicit flow of cash. Hence, the need to enact stringent and dedicated legislation to combat money-laundering activities has been acknowledged worldwide. Accordingly, in the year 1988, United Convention against the Illicit Traffic in Narcotic Drugs and Psychotropic substances happens to be the first legal instrument to incorporate laws governing money-laundering and also to criminalize the acts of money-laundering, followed by several other incorporations of such instruments to counter and curb the money laundering activities. Some of the well-recognized financial institutions are the Financial Action Task Force (FAFT), the Egmont Group coordinating the international group of Financial Intelligence Units (FIUs), the International Money Laundering Information Network (IMoLIN), and the United Nations Office on Drugs and Crime (UNODC) plays a vital role to bring forth a set of standards, protective policy-measures, and practices, penalties, governing regulatory bodies to curb the illegal activities like money-laundering and financing the terrorist groups. Read More from https://fotislaw.com/2020/12/02/anti-... Contact Details: Ph: +971 4 354 4660 | +971 56 129 8984 Email Id: [email protected] Website: https://fotislaw.com/​​​​​​ #AntiMoneyLaunderingLawInUAE #CriminalAspectsofMoneyLaunderinginUAE #MoneyLaunderinginUAE #LawyersinDubai​​​​​​​​​​ #lawfirminUAE​​​​​​​​​​ #lawfirmsinDubai​​​​​​​​​​ #internationallawfirmsinDubai​​​​​​​​​ #Fotislaw​