Dubai International Financial Centre is one of the largest economic hubs in the UAE and the world. Hundreds of businesses, monetary institutions, and banks have opened their offices there. Unfortunately, it also started attracting all kinds of illegal activities, especially crimes qualified as money laundering. Considering existing anti-money laundering (AML) regulations, if you suspect that any kind of illegal economic activity happens in your company, an AML lawyer has the tools, resources, and knowledge to help you investigate such cases.
What Is Money Laundering and How It Can Be Recognized?
Money laundering is a financial crime committed when the origin and possession of funds obtained illegally is hidden by making it seem “clean”. It is classified as a fraud and there are many different ways in which it can be committed in a company or organisation. The process of “cleaning” the funds and possessions has many steps to it and without proper knowledge and experience might be easily overlooked. A few examples of ML practices that an expert AML attorney can help you identify are:
- Manipulations with payroll;
- Fraud with expense reimbursement;
- Concealing events or transactions;
- Fraud with statement;
- Corruption and acceptance of bribes, etc.
What AML Regulations Should a Lawyer Tell You About?
Current UAE regulations are in compliance with the FATF (Financial Action Task Force) recommendations, which govern the fight against ML crimes and terrorism financing on the international level. Corresponding decrees and federal legislation have been followed since 2002 with special regulations that are applied to Dubai economic zone. If you want to operate a business or a monetary establishment, you will have to receive a license from the Dubai Financial Services Authority (DFSA) near you. And this is another reason why you need to hire a lawyer.
Qualified AML Lawyer Team Nearby
Our team of lawyers is skilled in dealing with all types of ML-related violations and is competent in the existing AML legislation and regulations. Get our help if:
- You are planning to open a company and need expert advice and assistance on the legal matters in order to obtain a DFSA license;
- You need an evaluation of your existing AML policies in terms of their compliance with the current legislation;
You suspect economic violations and ML activity within your company and need to deal with them fast before they damage your business and reputation.
Our other criminal law services
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Meet our experienced lawyers
Aws. M. Younis
Mr. Aws M. Younis is the Managing Director / Senior Legal Consultant, and has had a dynamic and successful career which was built on high motivation and dedication. Adv. Aws Younis is active in Dubai since 2004.
Abdulla Al Suwaidi
Mr. Abdulla Al Suwaidi is the Local Partner / Senior Legal Consultant, and has had a successful career which was built on high motivation and commitment. He specializes in a full range of legal matters in the U.A.E