Shams hosts anti-money laundering workshop

  • Tuesday 06, August 2019 12:56 PM
  • Shams hosts anti-money laundering workshop
Sharjah 24: Sharjah Media City (Shams) organised a workshop on money laundering with the intention of introducing anti-money laundering policies to the Shams community. The workshop aimed to help investors and professionals understand the key guidelines, laws and regulations regarding money laundering- a process of disguising money obtained through illegal means and integrating it into the financial system while projecting it had come from legitimate sources. The workshop was organised at Shams headquarter in Sharjah, in collaboration with Traidnt Management Consultancy.
Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), said “Shams is putting their best foot forward in trying to educate and raise awareness among members regarding polices required to be adopted to keep away from such illegal activities. Their effort also involves tying up with several local and international agencies that are constantly working towards eliminating the root cause of money laundering and other financial frauds.

Al Midfa added that money laundering is of great threat to the international financial and economic stability. He believes that individuals at all strategic and operational levels need to be trained on procedures to fight similar crimes and that such workshops serve as the ideal platform to educate them on all the technical know-hows.

Besides showcasing a detailed presentation on money laundering, the workshop touched upon the close connection between money laundering and corruption. Participants were also provided with a detailed insight into how systems that lack accountability and transparency are at a higher risk of being victims of money laundering and corruption.