Dubai Dismantle $174.5 Million Money Laundering Networks with Global & Federal Cooperation

International and federal agencies joined hands with Dubai to dismantle two major money laundering networks. These operators were involved in money laundering of approximately AED 641 million.

Dubai police found out that funds were illegally transferred from the United Kingdom (UK) to the United Arab Emirates (UAE) by using two entities.

Money launderers used forged documents & shell companies to hide the source of funds to pass customs inspection.

“The accused face charges of laundering Dirham 461 million (Rs 10,73,82,98,890), forging official documents, and using falsified documents to conceal the illegal origins of the funds”.

Dubai Media Office (DMO)

The joint operation ran two rounds, whereby Dubai Police investigated 21 British nationals, 1 Emirati national, two companies, 2 Americans, 1 Czech National, and 2 Emirati-owned companies. These people and entities were linked to fraudulent activities and were taken to criminal court.

However, the second round targeted a cryptocurrency-based money laundering scheme involving AED 180 million. It uncovered three companies and 30 individuals, including 1 British and 2 Indian nationals, operating across Dubai and the UK.

The investigative rounds highlighted tax evasion, fraud, and other financial crimes.

“These efforts are significant in tackling complex financial crimes, protecting the national economy, and enhancing financial stability. Dubai remains committed to enforcing anti-money laundering laws, combating organized financial crime, and strengthening international cooperation to uphold global financial integrity.”, he added.

Dubai’s Attorney General, Essam Issa Al Humaidan, also lauded the relentless efforts of law enforcement and prosecution teams in dismantling massive money laundering operations. This collaborative crackdown underscored Dubai’s commitment to strengthening its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) frameworks.

Read Also

• UAE Govt Issues New Amendments in the AML Law
• UAE Takes A Competitive Approach To Combat Money Laundering And Terrorism Financing
• UAE Establishes General Secretariat To Strengthen National Anti-Money Laundering Efforts

According to media sources, the Dubai Economic Security Centre, Police AML unit, Public Funds Prosecution, Dubai Customs, UAE Financial Intelligence Unit (FIU), and the International Cooperation Department at the UAE Ministry of Justice collaborated and dismantled the giant networks of money launderers.

The UAE was included in the grey list of FATF in 2022. In February 2024, the UAE complied with the required recommendations and successfully removed itself from the grey list. This was a major step in strengthening the AML/CFT regime in the UAE.

The authorities not only disrupted global financial crimes but also reinforced the nation’s financial stability. The success marks a significant milestone in Dubai’s fight against economic threats, emphasizing vigilance and international cooperation in upholding financial integrity.