What do you know about money laundering?

What-do-you-now-about-money-laundering

Money laundering is an international crime

The crime of money laundering depends on disguising and concealing the identity of the illegal financial proceeds so that their sources appear to be legitimate and legal, and in most cases, these funds are linked to other crimes such as drugs, terrorism, human trafficking, and thefts, and the crime of money laundering spreads around the world.

There are many factors that led to the development and growth of this type of crime, most notably is the great technological development in the field of financial transactions, and in most cases, money launderers seek to integrate them into legitimate commercial and economic businesses to increase disguise.

UAE efforts to combat money laundering

Whoever is aware that the funds in his possession are obtained from an illegal misdemeanor, and deliberately collects and transfers them, or performs a specific act with the intention of concealing and disguising its illegal source, or conceals its source, location, movement or ownership, shall be considered a perpetrator of a money laundering crime according to UAE law, or acquires, possesses, or uses the proceeds from it upon receipt, or assists the perpetrator of the predicate offense to evade punishment.

Anti-money laundering platform

In cooperation with the United Nations Office on Drugs and Crime, the Financial Information Unit of the Central Bank, the UAE launched a digital platform (GOAML) for the purpose of collecting and analyzing financial information in line with anti-money laundering requirements.

The platform obligated all financial institutions such as banks, exchange offices, and finance companies to register in this program, which will contribute to preventing money laundering crimes, terrorist financing, and illegal financial activities.

The UAE has also launched the “ForiTech” smart platform to detect financial crimes, which is a system that collects and links cases related to money laundering from various federal and local authorities, with the aim of accelerating the taking of procedures and judicial decisions related to them, and the system applies strict measures to reduce financial crimes and money laundering. and eliminating sources of terrorist financing.

Credit card fraud

The spread of the electronic payment system has formed a popular market for repeat offenders of financial crimes, as a number of crimes have been linked to electronic payment cards, smart payment systems, and automated teller machines. Thefts may include violent methods, and the use of electronic technology to give false orders that they do not have the right to give to the ATM machines for the purpose of stealing others’ money.

Criminals aim to steal smart card data, clone those cards, and reveal their secret numbers, without The Cards’ owners being aware of these thefts and hacks, as they are used to steal victims' money and buy goods.

UAE laws criminalize this type of financial fraud and impose severe penalties according to the laws of the UAE, Article (12) in the UAE law on information crimes refers to imprisonment and a fine.

Anyone who uses information technology means to obtain credit card data or bank accounts with the intention of obtaining the money of others for himself or for others shall be punished by imprisonment for a period of no less than one year, and a fine of no less than two hundred thousand dirhams and not more than one million dirhams.

embezzlement

One of the forms of financial crimes is the crime of embezzlement, which is the fraudulent taking of money or property by someone who is entrusted with it, and it is one of the worst types of financial corruption and it is committed in workplaces or by senior officials, especially if the money is owned by the state The embezzler has full authority to dispose of this money, and the types of embezzlement include waste, negligence and irresponsible disposal of state funds, or possessing money to himself and his personal benefit, which is an illegal appropriation of others' funds.

The UAE legislator stipulates that anyone who embezzles, wastes, or misuses sums of money, bonds, or any other money, whether a deposit or its rent and causes harm to the right holders, shall be punished by imprisonment or a fine.


It is clear from the text of Article No. (404) of the Federal Penal Code that embezzlement is a financial crime that is consistent with the terms of breach of trust, as the money is owed by the non-accused. of the embezzled money.

Dishonored cheque (without balance)

Some business owners and some normal people face many financial difficulties, and they often deal with their customers by paying by cheques, and dishonored cheques in the UAE Is a criminal offense, punishable by law.

The cheque writer is legally prosecuted if bad faith is proven with his knowledge that there is no sufficient and withdrawable balance. Most of the complaints filed are due to dishonored cheques due to lack of balance or the inability of the debtor or the check writer to pay the debt to the creditor. There are other reasons, including:

The absence of a financial balance that is sufficient to cover the value of the amount to be withdrawn according to what is written in the cheque?
1- The cheque holder or the account holder may submit a request to the bank to stop cashing the cheque.
2- That the account holder closes his bank account before presenting the cheque for withdrawal from the bank, and therefore the cheque cannot be cashed.
3- The signature of the cheque writer does not match the signature approved by the bank.


individuals whom are in the United Arab Emirates in implementation of Law No. (1) of 2017, they are to a fine for Dishonored whose value does not exceed two hundred thousand dirhams (200,000) dirhams, and a Dishonored cheque fine of fifty thousand dirhams, (500,000), The fine for a dishonored cheque is for one hundred thousand dirhams and two hundred thousand dirhams (five thousand dirhams and ten thousand dirhams).

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