The Dubai authorities with the assistance of some main federal authorities have dismantled two big global money laundering networks worth AED 641 million.
The Dubai Public Prosecution has handed down a case involving a 21-year-old Emirati man and 21 British citizens alongside two American citizens, a Czech national, and two firms owned by the Emirati man, to the Criminal Court of First Instance in Dubai Courts.
The individuals and entities have been charged with money-laundering AED 461, 000000; and other offenses, namely, forgery of official documents.
Investigations further showed that the cash was smuggled from the UK to UAE under the futile of the two local companies with intent of concealing the unlawful source of funds.
The network employed fake documents and avoided customs checks by labelling the cash as money obtained from genuine business in UK.
In a separate operation, Investigation by the Dubai Economic Security Centre and Public Funds Prosecution in Dubai also shed the light on an international organised criminal group fraudulently laundering Dhs180m through cryptocurrencies. The research network included 30 individuals and three businesses in the UK and Dubai.
The cryptocurrency laundering operation was headed by two Indian nationals and one British national. The authorities claimed that the money, obtained from drug sales, embezzlement and tax evasion in the UK, was laundered through unregulated cryptocurrency service providers in both nations. The accused persons were arrested from a detailed investigation in which all the accounts used for the unlawful business were blocked.
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“Such operations prove readiness and determination to implement laws that prevent money laundering and fight financial crimes in the emirate of Dubai,” said Mr. Essam Issa Al Humaidan, Attorney General of Dubai.
He appreciated efforts by the police force Ministry of Public Funds Prosecution, and partners in carrying out thorough investigations and inspections adding that their work protected the national economy as well boosted financial security.
This has involved several entities among them; the Dubai Police Anti Money Laundering Unit, the United Arab Emirates Financial Intelligence Unit, Dubai Customs and the International Cooperation Department of the Ministry of Justice United Arab Emirates.
Officials stated that the efficiency of removing such a high-level organized crime again proves that Dubai is one of the world’s leading cities in combating financial crime and maintaining the integrity of the global financial system.