Anti Money Laundering Lawyers

Anti Money Laundering Lawyers

Anti-money laundering Lawyers according to UAE law, anyone who knew that the funds were derived from a felony or misdemeanor, and intentionally transferred or transferred the proceeds or carried out any operation with the intent to conceal or disguise their illicit source, or concealed or disguised the reality of the proceeds, or their source, is considered to have committed the crime of money laundering, or Its location, disposition, movement, ownership, or rights related to it, or he acquired, possessed, or used the proceeds upon receipt, or helped the perpetrator of the predicate offense to escape punishment.

Federal Courts for Money Laundering Crimes

The UAE Ministry of Justice has issued ministerial decisions to establish specialized courts to look into money laundering crimes in the federal judiciary in the courts of UAE, as each court has established partial and college departments and appeals circuits to look into these crimes. View the relevant news coverage on the Emirates News Agency website

Anti-Money Laundering Laws:

Issued Federal Law by Decree No. 20 of 2018 in The face of money laundering and combating the financing of terrorism and the financing of organizations illegal to develop a legislative and legal structure of the state because of its important role in ensuring compliance with the ongoing relevant international fight against the standards of crimes of money and counter-terrorism financing laundering. The law aims to:

• Combating money laundering practices and crimes
• Establishing a legal framework that strengthens the efforts made by the relevant authorities in the country to combat money laundering and associated crimes
• Combating terrorist financing and suspicious organizations.

The decree-law defines the perpetrator of the money laundering crime as anyone who was aware that the funds were derived from a felony or misdemeanor, and intentionally committed one of the following acts:

• Transferring proceeds, or performing any operation with the intent to conceal or disguise their unlawful source
• He concealed or disguised the reality of proceeds, their source, location, method of disposition, movement, ownership, or rights related to them.
• Acquired, possessed, or used the proceeds upon receipt
• Helped the perpetrator of the predicate offense escape punishment.
• The decree-law stipulates that the money laundering crime is considered an independent crime. Punishing the perpetrator of the predicate offense does not prevent him from being punished for money laundering 

How Does Money Laundering Happen In The UAE?

In the UAE, money laundering is a process that occurs in three distinct stages. 

• The first stage of the process is to “launder” the property, the property as well as the source with the aim of disguising it and integrating, whereby the laundered property is returned to the legitimate market.
• In the UAE, Abu Dhabi, Dubai, and Sharjah, money laundering operations range from easy to complex strategies. They include:
• Structuring: This involves taking small amounts of cash for deposit, and then purchasing bearer instruments, which include money orders.
• Smuggling: This generally involves smuggling cash into a foreign authority and depositing with an offshore bank, which has more secrecy or only slightly enforces money laundering.
• Cash Companies: Cash-heavy companies can get legitimate money from both criminal and legitimate sources, making sure it’s all valid. In doing so, there are no variable costs with the company, and finding discrepancies in sales prices is very difficult.
• Trade-based laundering: bills are under or overstated to hide illegal cash movements.
• Shell companies and credits: Shell companies and funds do not reveal the true identity of the cash holders.
• Bank arrest: Money laundering offenders buy a controlling stake in financial institutions with poor money laundering controls and transfer money without examination.
• Casinos: Money launderers can play in the casino, take advantage of chips, and require payment. He then deposits them as a check that keeps them as in-game winnings.
• Real estate: Illegal money can be used to buy real estate, and then sell it so that the profits from the sale appear valid to foreigners. The cost of the property is fraudulent and the seller receives a portion of the criminal profits to agree to your contract.

How To Hire A Money Laundering Lawyer Today

Money laundering cases can be complex and stressful. If you are facing severe accusations of money laundering, you should contact the skilled UAE legal defense as soon as possible.

Federal Law 9/2014 (amending Federal Law 4/2002 on Combating Money Laundering Crimes) (AKA, the new Anti-Money Laundering Law) was passed by the UAE Federal National Council in April 2013 and came into force in October 2014