2 UAE firms shut down for money laundering, AED 39 million seized

File picture

A court in Abu Dhabi has shut down two companies involved in forgery and money laundering and confiscated AED 39 million from their bank accounts.

The two firms have also been fined AED 500,000 each, while their owner has been sentenced to 10 years in jail.

He will be deported after serving his jail term.

The verdict was announced by the Abu Dhabi Federal Criminal Appeal Court, which said the case involved close cooperation between the UAE’s law enforcement authorities, the Central Bank and the Financial Intelligence Unit.

More from Local

Coming Up on Dubai Eye

  • Extra Time

    7:00pm - 10:00pm

    Chris & Robbie bring you the latest from the sporting world plus interviews with upcoming and legendary sporting stars.

  • Nights on Dubai Eye 103.8

    10:00pm - 11:00pm

    Dubai Eye complements the conversation with the music you love from the eighties, nineties and newer.


On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.