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9 companies fined Dh50 million for money laundering in Abu Dhabi

 

DUBAI – Nine companies were fined Dh50 million each while nine individuals were fined Dh5 million each following a money laundering case in Abu Dhabi worth Dh306 million.

The Abu Dhabi court on Tuesday (November 24) found the individuals and companies guilty of money laundering.

The individuals were also sentenced to jail terms ranging from 7 years to 10 years. They convicts include an Emirati, Indian, Briton, French and Dutch.

The case was uncovered after the UAE Central Bank reported suspicious banking transactions by two companies. Investigations revealed the firms were involved in money laundering.

One of the convicts used his unlicensed oil trading business to transfer illegal funds to other companies.

When asked by the UAE Central Bank to submit supporting documents for the fund transfers, the convict was unable to do so. ICA/Expat Media


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