Dubai authorities bust AED 641 million money-laundering network

In a major breakthrough against financial crime, Dubai authorities, in collaboration with key federal entities, have successfully dismantled two international networks involved in money-laundering operations worth a staggering AED 641 million.

The operations were carried out with the coordinated efforts of Dubai’s law enforcement agencies, the Public Funds Prosecution, and other local and international partners.

The Dubai Public Prosecution has referred several individuals and entities to the Criminal Court of First Instance at Dubai Courts. The accused include an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national.

They face charges of possessing illicit funds amounting to AED 461 million, forgery of official documents, and their subsequent use.

Investigations revealed that the network smuggled funds from the United Kingdom to the UAE, using two locally registered companies as fronts to conceal the illegal origins of the money. Forged documents were employed to bypass customs inspections, with the funds falsely declared as proceeds from legitimate UK trade.

In another successful operation, a collaboration between the Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted a second international money laundering network. This group used cryptocurrencies to conduct illegal operations worth AED180 million, spanning the UK and Dubai.

The Dubai Public Prosecution has referred 30 individuals and three companies involved in this network to the Money Laundering Court at Dubai Courts.

Key figures in the operation include two Indian nationals and a British national. Investigators revealed that the network laundered cash obtained from illegal activities, including drug trafficking, fraud, and tax evasion in the UK. The funds were funneled through unlicensed cryptocurrency intermediaries based in both Dubai and the UK.

The meticulous investigation led to the arrest of the accused and the freezing of bank accounts associated with the laundering activities.

A coordinated fight

The success of these operations was made possible through the combined efforts of several agencies, including Dubai Police’s Anti-Money Laundering Unit, the UAE Financial Intelligence Unit, Dubai Customs, the Dubai Economic Security Centre, and the International Cooperation Department at the UAE Ministry of Justice.

Attorney General of Dubai Essam Issa Al Humaidan commended the agencies involved for their meticulous investigations and coordination. He emphasized the importance of such efforts in combating complex financial crimes, safeguarding the national economy, and ensuring financial stability.

“These operations reflect Dubai’s unwavering commitment to enforcing anti-money laundering laws, fighting organized financial crime, and enhancing international cooperation to uphold global financial integrity,” Al Humaidan said.