And action! The Emirate of Abu Dhabi seems to be finally leading the way in the UAE with a renewed commitment to money laundering enforcement.
9 individuals and 9 companies have been found guilty in a Dh306M money laundering case. An Abu Dhabi court fined the individuals last week Dh5M each, while the companies will pay Dh50M each (roughly $13.6 M)
The convicts have been sentenced to jail terms ranging from 7 to 10 years. The firms’ proceeds obtained illegally — cash, tangible or intangible assets — will be confiscated.
The defendants 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, & an Indian.
Notable: the UAE Central Bank reported suspicious banking transactions by two of the companies. The companies were having an increased number of transactions that were “inconsistent with their activities”.
Investigations revealed that suspicious funds were transferred to fictitious companies and companies created specifically for the purpose of concealing the source of funds.
-This case sends a strong message to companies operating in the UAE. The misuse of #shell#companies as a vehicle for money laundering will not go unpunished.
Yalla more to come!
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