Dubai Police managed to halt a global money laundering operation worth more than $28 billion with the cash derived from drug trafficking.
Younus Yousuf Al Mua’alem, Head of Combating Money Laundering & Financial Crimes Department of Dubai Police, said operation which covered at least 13 countries, resulted in a number of arrests. In coordination with international authorities, a significant player in operation - who is of Arab origin - was busted in Brazil. Dubai Police received a certificate of appreciation from Brazilian Police department for its effort in busting operation. Dubai Police also arrested an Indian businessman and other foreigners in Dubai. “Money laundering has its prints globally, regionally, and locally. UAE’s experience in combating money laundering is recognized by many international institutions and countries for its effort in combating and severely penalizing people involved in operation,” Al Mua’alem said.
In this particular case, drugs from South American states was trafficked to other countries. The money collected from illegal drug trafficking was transferred into multiple bank accounts in different states. Basically the operation involved “cleaning the dirty money,” Al Mua’alem said. Among countries involved in money laundering operation are Lebanon, Cambodia, Canada, US, Singapore, Holland, UK, Hong Kong, Australia, Pakistan, and UAE. Dirty money is cleaned by investing it in real estate and jewellery trade. “We have had cases of illusionary companies being established in and outside free zones,” Al Mua’alem said. In 2008, UAE had 294 cases of suspected money laundering leading to 42 arrests, he added. In most cases money laundering is linked to organized crimes like drug trafficking, human trafficking & prostitution
No comments:
Post a Comment