Dubai authorities, in collaboration with key federal authorities, have successfully broken up two major international networks conducting money-laundering operations worth a total of AED 821 million ($223.5 million).
The Dubai Public Prosecution referred an Emirati, 21 British, two Americans, a Czech national, as well as 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 AED 461 million ($174.5 million) as well as forgery and use of official documents.
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.https://t.co/SXb5RLilQG
— Dubai Media Office (@DXBMediaOffice) December 27, 2024
Investigations revealed that funds were smuggled from the United Kingdom to the UAE using the two local companies as fronts. 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, Dubai Economic Security Centre and the Public Funds Prosecution in Dubai collaborated to disrupt an international organised crime network involved in money laundering operations worth AED 180 million ($49 million) using cryptocurrencies.
The network involved 30 individuals and three companies. These included two Indian nationals and one British national. They operated across the UK and Dubai by laundering cash in the UK through unlicensed cryptocurrency intermediaries in the UK and Dubai.
The money laundered includes proceeds from illegal activities such as drug trafficking, fraud, and tax evasion in the UK and the Dubai Public Prosecution has referred the case to the Money Laundering Court at Dubai Courts.
A combined effort 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, led to the meticulously planned operation.
His Excellency Essam Issa Al Humaidan, Attorney General of Dubai, commended the agencies involved for conducting coordinated investigations that led to the successful dismantling of the sophisticated international networks.
Al Humaidan said these efforts in tackling complex financial crimes protect the national economy and enhances 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.
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