Dubai Cracks Down on Two Major Money Laundering Networks Worth Dh641 Million

 Dubai authorities have dismantled two international money laundering operations involving a total of Dh641 million. The networks used sophisticated methods to disguise the origins of illicit funds, spanning multiple countries and entities.

In the first case, the Dubai Public Prosecution charged an Emirati, 21 British nationals, two Americans, a Czech national, and two local companies with laundering Dh461 million. The funds were smuggled from the UK to the UAE through companies owned by the Emirati, using forged documents and fraudulent customs declarations. Authorities revealed that the funds were falsely presented as proceeds from legitimate trade. The case has been referred to Dubai's Criminal Court of First Instance.

In a separate operation, authorities uncovered a network that used cryptocurrencies to launder Dh180 million. The scheme involved 30 individuals and three companies operating across the UK and Dubai. Investigations revealed that unlicensed cryptocurrency intermediaries in both regions facilitated the laundering of proceeds from drug trafficking, fraud, and tax evasion. Key suspects include two Indians and one British national, who orchestrated the complex scheme.

Dubai’s anti-money laundering units, in collaboration with Dubai Economic Security Centre, the UAE Financial Intelligence Unit, Dubai Customs, and the Ministry of Justice, froze the network’s bank accounts and arrested the suspects. Both cases underscore Dubai's commitment to combating financial crimes and safeguarding its economic security.

These decisive actions highlight the UAE's zero-tolerance approach to money laundering and its proactive measures to thwart global financial crime networks.

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