Dubai authorities crack down on Dhs641m money-laundering networks

Dubai authorities, in collaboration with federal agencies, have dismantled two major international money-laundering networks responsible for processing illicit funds totalling Dhs641m, officials announced on Wednesday.

The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two Emirati-owned companies to the Criminal Court of First Instance at Dubai Courts.

The accused face charges of laundering Dhs461m, forging official documents, and using the falsified documents to mask the funds’ illegal origins.

Money laundered through local companies posing as “fronts”

Investigators revealed that the network smuggled funds from the UK to the UAE, channelling the money through two local companies acting as fronts. The network employed forged documents and falsely declared the funds as proceeds from legitimate trade in the UK to evade customs inspections.

In a separate operation, the Dubai Economic Security Centre and Public Funds Prosecution in Dubai uncovered an international organised crime network laundering Dhs180m through cryptocurrencies. The network involved 30 individuals and three companies operating across the UK and Dubai.

The cryptocurrency laundering operation was orchestrated by two Indian nationals and one British national. Authorities allege the funds, derived from drug trafficking, fraud and tax evasion in the UK, were funnelled through unlicensed cryptocurrency intermediaries in both countries. The accused were arrested following a detailed investigation that led to the freezing of bank accounts used in the illicit operations.

“These coordinated efforts showcase Dubai’s commitment to enforcing anti-money laundering laws and combating organized financial crime,” said Essam Issa Al Humaidan, attorney general of Dubai.

He praised the meticulous investigations conducted by law enforcement, the Public Funds Prosecution and partner agencies, highlighting their role in safeguarding the national economy and enhancing financial stability.

The operations involved multiple entities, including 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.

Authorities emphasised that the successful dismantling of these sophisticated networks strengthens Dubai’s position as a global leader in tackling financial crime and upholding international financial integrity.