iPhone | iPad
Android
Huawei
They are part of an international crime syndicate involved in trafficking drugs and weapons.
KT APPDOWNLOAD
9 jailed, fined millions in UAE over Dh306m money laundering case
Abu Dhabi - Nine firms fined Dh50 million each by an Abu Dhabi court.
Nine individuals and nine firms have been found guilty in a Dh306-million money laundering case. An Abu Dhabi court on Tuesday fined the individuals Dh5 million each, while the companies will pay Dh50 million each.
The convicts have been sentenced to jail terms ranging from seven to 10 years. The firms’ proceeds obtained illegally — whether cash, tangible or intangible assets — will be confiscated.
The defendants had tried to conceal the source of money obtained by illegal activities in multiple banking transactions. The convicts include an Emirati, a Briton, a French, a Dutch and an Indian.
Tracing the illegal trail
Officials explained that the arrest and prosecution of the accused took place after “thorough tracking and scrutiny of financial transactions”. These efforts were part of “integrated efforts” by the UAE to combat money laundering crimes.
Court documents stated that the UAE Central Bank reported suspicious banking transactions by two companies. These firms saw an increase in the number of transactions that was “inconsistent with their activities”.
Investigations revealed that the suspicious transactions were done to conceal the source of money procured illegally.
Investigations
An investigation by the Abu Dhabi Public Prosecution revealed that the first defendant in the case tried to conceal his illegal activities in oil trading. He was operating without a licence from the competent authorities.
He used several methods, including transferring funds to other companies. Some of these firms were fictitious while others were created by their owners specifically for the purpose of concealing the source of funds.
The investigations also showed that the first accused agreed with the other defendants on transferring some of the money collected from his illegal activities to the accounts of their companies.
After the Central Bank spotted irregularities, it asked the defendant to submit documents to verify those operations, which he failed to do.
ismail@khaleejtimes.com
More news from Crime and Courts
The man feigned ignorance about the bag’s contents.
The accused was caught by the police after he committed a traffic offence and found to be transporting alcohol.
The hospital authorities intentionally lied to her that she was suffering from cancer.
The complainant had paid Dh90,000 and Dh28,880 to settle the defendant’s debt and traffic fines, respectively
The accused has been referred to the family misdemeanour court.
The victim had filed a lawsuit against the hospital and its two doctors, demanding Dh3 million.
He forged labels of a government firm to sell the refilled gas cylinders in Dubai