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Dubai busts 2 major money laundering networks for smuggling funds worth Dh641 million
In the first case, authorities referred an Emirati, 21 British nationals, two Americans and a Czech national to Dubai Courts for prosecution
- PUBLISHED: Fri 27 Dec 2024, 12:25 PM UPDATED: Sun 29 Dec 2024, 4:30 PM
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Authorities in Dubai have thwarted two major international crime networks conducting money-laundering operations worth a total of Dh641 million.
In the first case, the Dubai Public Prosecution referred an Emirati, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts.
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The individuals and entities face charges of possessing illicit funds of Dh461 million, as well as forgery of official documents and their use.
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Investigations revealed that funds were smuggled from the UK to the UAE using two local companies as fronts to disguise their illicit origins. The network used forged documents and bypassed customs inspections by falsely declaring the funds as proceeds from legitimate trade in the UK.
In another successful operation by the authorities, an international organised crime network was busted that used cryptocurrencies in money laundering operations worth Dh180 million.
The Dubai Public Prosecution has referred the case involving a network of 30 individuals and three companies to the Money Laundering Court at Dubai Courts.
The network, which conducted complex money laundering operations worth Dh180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.
The accused, identified as two Indians and one British national, orchestrated the scheme, which included proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK. A meticulously planned operation led to the arrest of the accused and the freezing of bank accounts used for money laundering activities.
These operations were carried out by the Public Funds Prosecution in Dubai, Dubai Economic Security Centre, Dubai Police's Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, and the International Cooperation Department at the UAE Ministry of Justice.
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