Dubai, Dec 27 (PTI) The Dubai authorities in collaboration with key federal authorities have unearthed two major international money laundering networks worth AED 641 million.
The Dubai Public Prosecution referred a 21-year-old Emirati national, 21 British nationals, two US nationals, a Czech national, and 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 worth AED 461 million as well as forged official documents.
Investigations revealed that the funds were smuggled from the UK to UAE using the two local companies as fronts to disguise their illicit origins.
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, a collaboation between Dubai Economic Security Centre and the Public Funds Prosecution disrupted an international organised crime network involved in money laundering operations worth AED 180 million using cryptocurrencies.
The Dubai Public Prosecution has referred the case involving a network of 30 individuals and three companies to the Money Laundering Court at Dubai Courts.
The network, which conducted complex money laundering operations worth AED 180 million using cryptocurrencies, operated across the UK and Dubai.
Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.
The accused were identified as two Indian nationals and one British national who orchestrated the scheme, which included proceeds from illegal activities such as drug trafficking, fraud and tax evasion in the UK. PTI CORR GSP GSP
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