Al Tamimi & Company

The correlation of money laundering and fraud from a practical perspective

Aside from crimes of violence, the main objective behind almost all crimes is to generate profits for the individual or group that carries out such crimes.

The tremendous amounts of illicit profits generated encourage the criminals involved to discover innovative methods of controlling their ill-gotten funds without jeopardising their underlying activity or identity. They do this by disguising the sources of the funds, changing their form or moving them to a place where they are less likely to attract attention.

The United Nations Office on Drugs and Crime (UNODC) reported that criminal proceeds amounted to an estimate of 3.6% of the global GDP in 2009, with around 2.7% (or USD 1.6 trillion) laundered throughout that year . Although it is impossible to calculate with certainty the amount of money that is globally laundered every year due to the illegal nature of the whole process, other studies have estimated that the overall value of criminal proceeds being laundered each year amounts to USD 3 trillion…

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Al Sila Tower
Level 26
Al Sowwah Square
Al Maryah Island
Abu Dhabi
PO Box 440
United Arab Emirates

Total lawyers: 230