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Expert Lawyer in Money Laundering Cases in UAE

criminal activity

Hawala

The common term used to describe the method by financial services offenders to disguise the source of the money is money laundering or Hawala. The proceeds from criminal actions are hidden to make profits seem to come from a valid source.

Tax evasion, dirty money and law enforcement

money laundering illegal

financial action through financial institutions

The nature of products and services provided by the financial services sector exposes the sector to abuse of money laundered. All over the world, money laundering offenses have similar features.

There are two components to the offense. They are:

  • The money laundering action itself.
  • And a level of knowledge or intuition about fund supply or financial actions of a client.

What does money laundering/Hawala aim to achieve?

Money laundering provides an avenue for the offender to get cash or money easily without working for it. Rather than earn money in a legal way, the offender avoids the establishment and makes easy cash-flow without paying taxes.

What does money laundering/Hawala aim to achieve?

Money laundering provides an avenue for the offender to get cash or money easily without working for it. Rather than earn money in a legal way, the offender avoids the establishment and makes easy cash-flow without paying taxes.

How Does Money Laundering Happen in UAE?

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

  • The first phase of the process is the ‘washing’ of the property and possessions as well as the source with the aim of disguising them. 
  • And integration, where the laundered property is introduced back to the legitimate market.
  • In the UAE, Abu Dhabi, Dubai, and Sharjah, money laundering range from easy to complex strategies. They include:
  • Structuring: This involves taking small sums of cash to deposit, then buy bearer instruments, which include money order.
  • Smuggling: This generally involves smuggling cash to a foreign authority and depositing with an offshore bank, which has greater secrecy or enforces money laundering only slightly.
  • Cash Companies: Companies that are cash-intensive can receive criminally sourced and legitimate cash together, maintaining that they are all valid. In doing this, there is no variable costs with the company, and finding sales-price disparities is very difficult.
  • Commerce based laundering: Invoices are under or overvalued to disguise illegal cash movements.
  • Shell businesses and trusts: Shell businesses and trusts don’t reveal the true identity of cash owners.
  • Bank Capture: Money laundering offenders purchase a controlling stake in financial institutions with poor money laundering controls and transfer money without examination.
  • Casinos: A money launderer can play in the casino, cash in on chips, and require payment. He then deposits it as a check maintaining it as game winnings.
  • Real Estate: Illegal funds can be used to purchase real estate, then sold so that profits from the sale may look valid to outsiders. The cost of the property is falsified and the seller receives a portion of criminal profits for agreeing to your contract. 

Punishments Illicit money and tax havens

Dirty money, financial crime, tax evasion, proceeds of crime, bank secrecy act, Money for funding criminal activities. Punishments for money laundering in Dubai or in the UAE stem from the international importance of the act. Money laundering is an extremely serious offense and in the event that you or somebody you know had been accused of money laundering, it is crucial to contact an expert money laundering lawyer immediately. By hiring a proven lawyer in money laundering offenses, you will be able to minimize any resulting criminal sanctions or fight these charges.

How To Hire Your Money Laundering Lawyer Today

Money laundering cases can be complicated and tiresome. If you are facing severe money-laundering accusations, you should contact a skilled UAE legal defense as soon as possible.

Federal Law 9/2014 (which amends the Federal Law 4/2002 that concerns combating money laundering crimes) (AKA the New AML Law) was passed by the UAE Federal National Council in April 2013 and came into force in October 2014.

The punishments for money laundering are stricter under the New AML Law

Generally, the punishments for money laundering are stricter under the New AML Law compared to the Former AML Law. Under the New AML Law, failure to report a suspicious transaction can attract a fine of between 50,000 AED and 300,000 AED or incarceration. 

Tipping a person who is inquiring about a suspicious transaction attracts up to one-year incarceration or a fine of between 10,000 AED and 100,000 AED. 

The new AML Law builds on the Former AML Law. The New AML Law regulates the funding of unlawful or unregistered organizations, funding of terrorism or confiscation of proceeds from acts of money laundering

money laundering laws are very Strict

Criminals exploit weak points in the financial network.