Dubai Judicial Institute holds workshop to tackle virtual currency use in terror financing

BitcoinThe workshop focussed on the dark net, investigations involving virtual currency, and emerging trends in terrorism financing. (Image source: Adobe Stock)The Dubai Judicial Institute (DJI), along with In cooperation with the US Department of Justice, held a workshop to tackle the use of virtual currencies in terror financing and money laundering

The workshop was focussed on the quick spread of virtual currencies and the emergence of blockchain technology.

Dubai's efforts to tackle such crimes which use virtual currencies could potentially boost its position as an investment hub in the Middle East.

“DJI has constantly tackled legal problems at a global level. This workshop demonstrated our commitment to keeping abreast of the latest developments in the virtual world and creating awareness of the problems that may arise from digital activities. In alignment with the vision of our wise leadership, the workshop supported our strategic objectives to contribute to sustainable and resilient economic growth, and to adopt a diversified base of economic activities that drive productivity, innovation and transparency,” Jamal Al Sumaiti, director general, DJI, said.

“We believe that it is incumbent on legislative bodies to establish controls that govern the behaviour of individuals and institutions. It is also their responsibility to fill any gaps that might allow outsiders to exploit the law to carry out money-related crimes. Through our cooperation with the competent authorities, we aim to raise the capabilities of our local cadres, strengthen security in our banking system and stamp out any criminal act without negatively impacting the environment of innovation and excellence in the public and private sectors,” Al Sumaiti said.

“The workshop discussed several important topics related to virtual currencies, how they work and how they are affecting the current financial market. Attendees were briefed on the dark net, investigations involving virtual currency, and emerging trends in terrorism financing. Participants also had the opportunity to discuss best practices for collecting evidence related to these crimes, and explored the dimensions of Blockchain technology, how virtual currencies are used to finance terrorism, and how protective measures can be implemented to mitigate the illicit use of virtual currencies,” AlAnood Al Hammadi, director of the training and development department at DJI, said.

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