ARN News Centre

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

Monday, 24 October 2022 16:04

By ARN News Staff

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.

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