Dubai Judicial Institute Concludes Its Workshop on ‘Virtual Currencies in Terror Financing and Money Laundering’

Dubai Judicial Institute (DJI) recently concluded its workshop on ‘Virtual Currencies in Terror Financing and Money Laundering’, which was organised in cooperation with the US Department of Justice as part of the ongoing partnership between the two entities.

His Excellency Justice Dr Jamal Al Sumaiti, Director General of DJI, said: “DJI has constantly tackled legal problems at a global level. This workshop demonstrated our commitment to keeping abreast of the latest developments in the virtual world and creating awareness of the problems that may arise from digital activities. In alignment with the vision of our wise leadership, the workshop supported our strategic objectives to contribute to sustainable and resilient economic growth, and to adopt a diversified base of economic activities that drive productivity, innovation and transparency.”

The UAE and Dubai are important centres for world trade, tourism, transport and finance, as well as preferred investment destinations that rank first in the world for ease of doing business. In this context, the workshop addressed the rapid development of virtual currencies worldwide, the emergence of the third generation, and the growing influence of Blockchain technology.

Al Sumaiti added: “We believe that it is incumbent on legislative bodies to establish controls that govern the behaviour of individuals and institutions. It is also their responsibility to fill any gaps that might allow outsiders to exploit the law to carry out money-related crimes. Through our cooperation with the competent authorities, we aim to raise the capabilities of our local cadres, strengthen security in our banking system and stamp out any criminal act without negatively impacting the environment of innovation and excellence in the public and private sectors.”

AlAnood Al Hammadi, Director of the Training and Development Department at DJI, added: “The workshop discussed several important topics related to virtual currencies, how they work and how they are affecting the current financial market. Attendees were briefed on the dark net, investigations involving virtual currency, and emerging trends in terrorism financing. Participants also had the opportunity to discuss best practices for collecting evidence related to these crimes, and explored the dimensions of Blockchain technology, how virtual currencies are used to finance terrorism, and how protective measures can be implemented to mitigate the illicit use of virtual currencies.”

The UAE is one of the first countries in the world to make serious efforts to combat cross boarder money laundering and impose a number of laws in this field. The official bodies focus on strengthening the legal and judicial system in the country by bridging knowledge gaps in the field, ensuring the development of practical legal skills, and providing professionals with the latest international knowledge. The workshop was an excellent opportunity for members of the legal and judicial community to learn from US expertise in dealing with money laundering and terrorism related to the illicit use of virtual currencies.