Dubai authorities have dismantled two major international money laundering networks, revealing illicit operations totaling Dh641 million. These coordinated efforts demonstrate Dubai’s dedication to combating financial crimes and preserving economic integrity.
Money laundering of Dh461 Million Using Fake Documents
In the first case, authorities charged an Emirati, 21 British nationals, two Americans, a Czech national, and two Emirati-owned companies. The Criminal Court of First Instance received evidence showing the accused possessed Dh461 million in illicit funds and forged official documents.
Investigations uncovered that the network smuggled funds from the UK to the UAE by using two local companies as fronts. They fabricated documents and bypassed customs inspections by falsely declaring the funds as profits from legitimate trade in the UK. Consequently, their activities went undetected until a detailed investigation exposed the scheme.
Money laundering of Dh180 Million Using Cryptocurrencies
Meanwhile, another operation revealed a cryptocurrency-based money laundering network involving 30 individuals and three companies. This group laundered Dh180 million using unlicensed cryptocurrency intermediaries operating between the UK and Dubai.
The accused included two Indians and one British national. They used the scheme to clean proceeds from illegal activities such as drug trafficking, fraud, and tax evasion. Following their arrests, authorities froze the associated bank accounts, effectively disrupting their operations.
Collaborative Efforts Led to Success
Both cases were solved due to a well-coordinated effort by multiple agencies. Key contributors included:
Dubai Public Prosecution, Dubai Economic Security Centre, Dubai Police Anti-Money Laundering Unit, UAE Financial Intelligence Unit, Dubai Customs
International Cooperation Department at the UAE Ministry of Justice
This collaboration ensured swift action and the efficient dismantling of these networks.
Reinforcing Financial Integrity in Dubai
By dismantling these schemes, Dubai reinforces its zero-tolerance stance on financial crimes. These efforts send a clear message to international criminal networks: Dubai remains vigilant, determined, and capable of combating illicit financial activities. Furthermore, the successful operations highlight the city’s unwavering commitment to maintaining a secure and transparent economic environment.
