Public Forum Envisions the Future of Financial Crime
Today, the State Public Prosecutor's Office organized a forum to anticipate the future of financial crimes at the Bab Al Qasr Hotel in Abu Dhabi. The event aimed to build bridges of communication and strengthen joint cooperation between state public prosecutors and their strategic partners in the field of financial crimes.
In his opening address at the forum, Counselor Sultan Ibrahim Al-Juwai'ad, the First Public Prosecutor of the State Public Prosecutor's Office, emphasized the opportunity for learning, communication, and sharing experiences in combating money laundering. He stated that in line with the "UAE's Strategy for Anticipating the Future," the State Public Prosecutor's Office is eager to foresee the early opportunities and challenges related to all financial crimes, analyze them, and develop proactive long-term plans at all levels to monitor and detect money laundering crimes and deter their perpetrators.
Al-Juwai'ad highlighted that the country has made remarkable progress in its efforts to combat financial crimes, particularly money laundering and terrorism financing, thanks to the collaboration of its institutions within the framework of the national action plan and the national strategy for combating money laundering and terrorism financing, approved by the National Committee for Combating Money Laundering and Terrorism Financing, and the financing of illegal transactions, in addition to coordination with external parties through formal and informal cooperation channels to maintain the integrity of the global financial system.
The First Prosecutor underscored that the forum is part of the State Public Prosecutor's preparations to host the World Summit on Metaverse Governance and Emerging Technologies, set to launch in early 2024. The summit will gather experts and specialists from around the world to discuss and find solutions to urgent issues affecting countries worldwide, and he called on all specialists to participate in the conference.
The forum's sessions covered various critical topics. The Securities and Commodities Authority discussed legislation and licensing mechanisms for virtual asset service providers, while the Financial Information Unit presented a discussion on the unit's role in receiving reports of suspicious transactions in virtual markets. The Dubai Economic Security Center also addressed money laundering models related to virtual assets through non-profit associations, and the Dubai Virtual Assets Regulation Authority discussed digital and on-site monitoring mechanisms for virtual asset service providers.
The State Public Prosecutor's Office presented the future vision of virtual assets, the Dubai Police General Headquarters reported on criminal cases related to virtual asset offenses, and the Dubai Public Prosecution also presented a case study in the field of virtual assets.
The forum aimed to study and analyze global financial crime trends, which affect law enforcement and policing methods, and take proactive measures based on this information and modern trends. It prioritized modern trends for in-depth study, potential adoption, and sharing experiences, data, and analysis related to anticipating the future of financial crime in all its forms.
The forum holds great significance for judicial, executive, and administrative authorities, as well as those involved in combating money laundering and terrorism financing, among others. It enables participants to benefit from the insights of experts and specialists, including valuable information and experiences that have contributed to shaping and informing them about the most significant developments in combating financial crime.