Nearly 400 international suspects have been arrested on charges of money laundering in the past two years, the Ministry of Interior has announced.
The ministry on Monday said it had received 521 complaints of money laundering crimes in 2021 and 2022, which led to the arrest of 387 suspects and the confiscation of Dh4 billion ($1.1 billion) in illicit funds.
The two-year investigation was conducted in collaboration with law enforcement agencies around the world.
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, praised the executive office and supreme committee's efforts of monitoring the national strategy to tackle money laundering and terrorism funding, led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs.
"We are working to enhance the safe living environment to work and invest in the country," Sheikh Saif said in a statement on Monday.
"We will continue to work with the concerned authorities to boost the local and international efforts to combat money laundering and financial crimes to protect the integrity of the global financial system.
Investigations aim to expose the source of funds, their movement and the real beneficiaries
Sheikh Saif bin Zayed,
Deputy Prime Minister and Minister of Interior
"The figures are a result of the work system spotting criminal activities. Investigations aim to expose the source of funds, their movement and the real beneficiaries."
Sheikh Saif said the inquiry led to uncovering criminal networks around the world.
The UAE is keen to combat organised crime in collaboration with the world's police agencies, said Maj Gen Abdullah Al Marri, Commander in Chief of Dubai Police.
"Fighting money-laundering and terrorist-funding crimes requires developing the capabilities of our officers through designated training courses" he said in a statement.
"We have international diploma in anti-money laundering and terrorist funding, which was launched with the United Nations.
"The diploma programme has 116 members from different authorities in the UAE to enhance the abilities and mechanisms of investigation and gathering information."
About 1,628 items of intelligence information related to money laundering have been exchanged between the UAE and international law enforcement agencies, such as Interpol, Europol, Gulf Police Agency and the Anti-Money Laundering Operational Network, between November 2022 and February this year.
Since 2020, the UAE has been asked 3,061 times to assist in either the extradition of criminals or thwarting criminal activities in relation to money laundering and terrorism financing.
UAE authorities have extradited 899 criminals since 2020, of which 43 were involved in money-laundering crimes.
Ten of those were terrorists or were financing terrorist activities.
In the first quarter of this year alone, the UAE issued fines of more than Dh115 million in its fight against money laundering and terrorism financing, a sharp increase from last year's Dh76 million.
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
