ADJD Explores Virtual Currency Regulations and Risks
Abu Dhabi, The Gulf Observer: The fifth Abu Dhabi Justice Partners Forum, meticulously organized by the Abu Dhabi Judicial Department (ADJD), delved into the realm of virtual currency laws, associated risks, and strategies to combat money laundering and terrorist financing. The forum, conducted through videoconference technology at the ADJD head office, brought together legal professionals from diverse backgrounds to explore their roles in the ongoing fight against financial crimes.
Attended by lawyers registered with the Legal Affairs Division at the Department and representatives from national and international law firms, the forum underscored the vital duties of legal professionals in aligning with UAE legislation and international best practices to combat money laundering and terrorist financing effectively.
The initiative aligns with the vision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADJD, aiming to establish a judicial system that safeguards society and the economy from criminal impacts, fosters a globally equitable justice system, and enhances Abu Dhabi’s competitiveness in attracting foreign investment.
Key topics discussed during the forum included the definition and risks associated with virtual currencies, the interplay between blockchain technology and these currencies, the potential global economic impact of virtual currencies, deceptive techniques employed in money laundering and terrorist funding, the role of regulatory organizations, and the UAE’s legislative and international efforts in combating financial crimes.
Emphasizing the crucial connection between virtual currencies and financial crimes, the forum provided attendees with insights into cryptocurrency characteristics and their links to money laundering and terrorist financing. Practical scenarios were utilized to train participants on identifying suspicious transactions involving virtual currencies.
The forum highlighted the responsibilities of legal professionals in combating financial crimes, balancing client privacy with ethical principles while reporting suspicious activities. It stressed the significance of due diligence when dealing with virtual currencies and staying abreast of challenges posed by emerging technologies.
The event concluded by emphasizing the importance of implementing effective initiatives to combat financial crimes, including the establishment of internal regulations, providing risk assessment training, and analyzing cases through practical scenarios.
This collaborative effort between the legal community and regulatory bodies reinforces the commitment to fostering a resilient and just financial environment, safeguarding the reputation and integrity of Abu Dhabi on the global stage.
