In a major crackdown on money-laundering operations, Dubai police on Friday (December 27) targeted two major international networks, seizing a total of Dh641 million ($174.51 million).
The Dubai Public Prosecution has referred an Emirati national, 21 British citizens, two Americans, a Czech national, and two companies owned by the Emirati individual to the Criminal Court of First Instance at Dubai Courts. The accused face charges related to the possession of illicit funds, along with forgery and the use of official documents.
The two companies illegally disguised the origins of profits from unlicensed oil trading as part of a money-laundering scheme, after a UAE bank flagged potentially suspicious transactions. The incident came to light when a UAE financial institution spotted a series of unusual financial transfers and contacted Abu Dhabi Police’s Criminal Investigation Department (CID). The bank filed a Suspicious Transaction Report (STR) with the UAE FIU.
These operations were conducted by the Public Funds Prosecution in Dubai, the 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.
Authorities Expose Smuggling Scheme
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.
Investigations uncovered that funds were smuggled from the UK to the UAE through two local companies, which were used as fronts to hide their illicit origins. The network employed forged documents and evaded customs inspections by falsely labeling the funds as proceeds from legitimate trade in the UK.
In a separate successful operation, authorities dismantled an international organized crime network involved in money laundering operations totaling Dh180 million, utilizing cryptocurrencies.
The network, which carried out money laundering operations totaling Dh180 million using cryptocurrencies, worked across the UK and Dubai. Investigations revealed that the network funneled illicit funds through unlicensed cryptocurrency intermediaries in both locations.
The scheme was orchestrated by two Indians and one British national, who used proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK. A carefully coordinated operation led to their arrests and the freezing of bank accounts involved in the laundering activities.
