Dubai brings down AED641 million money-laundering networks

Dubai authorities, in collaboration with key federal authorities, have successfully broken up two major international networks conducting money-laundering operations worth a total of AED641 million.

The Dubai Public Prosecution referred an Emirati national, 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. 

The individuals and entities face charges of possessing illicit funds of AED461 million as well as forgery of official documents and their use.

Investigations revealed that funds were smuggled from the UK to UAE using the two local companies as fronts to disguise their origin. 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, a collaboration between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organised crime network involved in money laundering operations worth AED180 million using cryptocurrencies.

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 operated across the UK and Dubai with investigations revealing the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

The accused, identified as two Indian nationals 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.

The success of the operations was made possible through the combined efforts of 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.

Essam Issa Al Humaidan, Attorney General of Dubai, commended the Public Prosecution, law enforcement agencies, and partnering local and federal agencies for conducting coordinated the investigations that led to the successful dismantling of the networks.

He underscored the significance of these efforts in tackling complex financial crimes, protecting the national economy, and enhancing financial stability. He reaffirmed Dubai’s commitment to enforcing anti-money laundering laws, combating organised financial crime, and strengthening international cooperation to uphold global financial integrity.