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Accountant in UAE jailed, fined in Dh5.6m money laundering case

Ismail Sebugwaawo /Abu Dhabi
ismail@khaleejtimes.com Filed on June 11, 2020 | Last updated on June 11, 2020 at 08.18 pm
accountant, money laundering, abu dhabi

(alamy.com/ae)

The man used the company where he worked to illegally transfer money that had been obtained in the UAE through fraudulent means.

An accountant, who was convicted of using his office to illegally transfer more than Dh5.6 million that he had obtained through fraudulent dealings out of the UAE, will be jailed for three years and pay a fine of Dh300,000.

The Federal Supreme Court in Abu Dhabi has upheld earlier rulings by lower courts that handed the sentence to the Arab man after he was found guilty of money laundering.

The court also referred the man's case to civil court to determine the value of compensation he has to pay to the company that employed him for using their name in the illegal activities.

Court documents stated that the accused was arrested after investigations confirmed that he was involved in money laundering activities by assisting various people to transfer money out of the UAE through his company.

Prosecutors said the accountant had connived with other men, who are based abroad in the money laundering activities. The man used the company he was working for as an accountant to illegally transfer the money that had been obtained in the UAE through fraudulent means, said officers.

The fraud was detected during investigations and he was arrested.

Prosecutors charged him with money laundering and operating money transfer services without a licence. His accomplices, who are based in other countries, were also charged and tried in absentia.

Both the criminal court of first Instance and the appellant court had earlier sentenced the man after he was found guilty of the charges.

The accused went to the UAE's top court which has rejected his appeal and maintained earlier rulings.

ismail@khaleejtimes.com

Ismail Sebugwaawo


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