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In a significant operation led by Dubai authorities and federal agencies, two major international money-laundering networks responsible for laundering AED 641 million ($175 million) have been dismantled. The coordinated efforts highlight Dubai’s firm stance against financial crime and its commitment to safeguarding economic stability.
The Dubai Public Prosecution has brought charges against an Emirati citizen, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati, in connection with laundering AED 461 million ($125.5 million). The charges include forgery and the use of falsified official documents to facilitate illicit financial activities.
Investigations revealed that the network smuggled funds from the United Kingdom into the UAE. Two local companies served as fronts, leveraging forged documents and falsified customs declarations to disguise the funds as legitimate proceeds from UK trade operations.
In a separate case, the Dubai Economic Security Centre and the Public Funds Prosecution disrupted another network involved in laundering AED 180 million ($49 million) using cryptocurrencies. This scheme implicated 30 individuals and three companies, including two Indian nationals and one Briton. The operation spanned across Dubai and the United Kingdom, relying on unlicensed cryptocurrency intermediaries to launder proceeds derived from drug trafficking, fraud, and tax evasion.
Both cases have been referred to the Money Laundering Court at Dubai Courts for prosecution.
The success of these operations was the result of collaboration among multiple agencies, including Dubai Police’s Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, and the UAE Ministry of Justice’s International Cooperation Department.
Attorney General of Dubai, His Excellency Essam Issa Al Humaidan, praised the coordinated response, stating: “These operations demonstrate Dubai’s unwavering commitment to combating organized financial crime and enforcing anti-money laundering laws. By addressing complex financial crimes, we protect Dubai’s economy and enhance financial stability.”
Al Humaidan emphasized that Dubai remains resolute in its efforts to thwart illicit financial networks and ensure adherence to international financial regulations.
This latest achievement underscores the UAE’s continued dedication to maintaining transparency, combating financial misconduct, and upholding its reputation as a secure global financial hub.
By fLEXI tEAM