UAE authorities said in 2021 more than Dh2 billion was confiscated as a result of financial crime investigations. Antonie Robertson / The National
UAE authorities said in 2021 more than Dh2 billion was confiscated as a result of financial crime investigations. Antonie Robertson / The National
UAE authorities said in 2021 more than Dh2 billion was confiscated as a result of financial crime investigations. Antonie Robertson / The National
UAE authorities said in 2021 more than Dh2 billion was confiscated as a result of financial crime investigations. Antonie Robertson / The National

UAE authorities pursuing 'hundreds of cases' in financial crime crackdown


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A task force set up to clamp down on money laundering and terrorist financing has said hundreds of cases are actively being pursued by UAE prosecutors.

The Executive Office for Anti-Money Laundering and Counter Terrorism Finance released details of recent prosecutions and deportations of suspects.

In 2021, the authorities confiscated more than Dh2 billion ($544.5m), including Dh1.1bn in money laundering offences, a statement from the office said.

“We have been co-operating and contributing to the global fight against financial crime for several years now. We have a highly effective system of identifying and preventing terrorist and other criminal activities, in co-operation with our international partners,” said Hamid Al Zaabi, director general of the executive office for AML/CFT.

The authorities are using all available resources to investigate and punish criminals and seize their illicit-gotten gains
Hamid Al Zaabi,
executive office for AML/CFT

“On both terrorist financing and money laundering, we are taking swift action to prevent criminal abuse. This is not a ‘new’ area to us. It is also one we continue to take extremely seriously.

“The country’s policies and strategies detect and deter financial crimes, and prevent the abuse of the UAE as a transit route or to transfer funds resulting from any criminal activity.”

In one case, UAE law enforcement confiscated about Dh175 million in cash and assets. The main suspects were extradited to the US with the support of the Ministry of Interior acting on an Interpol red notice. The prime suspect pleaded guilty to money laundering in a US court.

UAE officials did not identify the suspects.

Hamid Al Zaabi says prosecutors are actively pursuing hundreds of cases. Photo: Ministry of Foreign Affairs
Hamid Al Zaabi says prosecutors are actively pursuing hundreds of cases. Photo: Ministry of Foreign Affairs

“The authorities are using all available resources to investigate and punish criminals and seize their illicit-gotten gains,” Mr Al Zaabi said.

Set up in 2020, the office works with prosecutors and a range of government departments in the UAE and abroad to tackle financial crime.

This includes police, state security and the securities and commodities authorities, among others.

One priority, Mr Al Zaabi said, is to work with the private sector to increase awareness of commitments and responsibilities in preventing financial crime.

“There are hundreds of continuing cases that the law enforcement authorities and UAE Public Prosecutors are actively pursuing," he said. "Some of these have come full circle.

“Acting on co-ordination between the UAE Financial Intelligence Unit, Federal Customs Authority and Dubai Public Prosecution, Dubai Courts convicted eight individuals and three companies for cyber fraud and money laundering, with jail sentences, deportations and multiple fines handed down worth Dh14m.

“Additionally, the UAE Central Bank has fined firms more than Dh17.31m in 2021, for violating AML/CFT rules. These are just some of the examples that I can mention.”

Last month, in a review of 2021 actions, the executive office for AML/CFT said confiscations included Dh300m from the proceeds of overseas crimes.

The unit said Dh286m in cash and another Dh15m in gold and other precious metals was also gathered.

The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

Scorecard

Scotland 220

K Coetzer 95, J Siddique 3-49, R Mustafa 3-35

UAE 224-3 in 43,5 overs

C Suri 67, B Hameed 63 not out

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

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SCORES IN BRIEF

Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Results

6.30pm: Maiden Dh165,000 (Dirt) 1,200m

Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Handicap Dh170,000 (D) 1,200m

Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.

7.40pm: Maiden Dh165,000 (D) 1,900m

Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.

8.15pm: Handicap Dh185,000 (D) 2,000m

Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.

8.50pm: Handicap Dh185,000 (D) 1,600m

Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.

9.25pm: Handicap Dh165,000 (D) 2,000m

Winner: Tradesman, Pat Dobbs, Doug Watson.

Brief scores:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Jetour T1 specs

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
A German university was a good fit for the family budget

Annual fees for the Technical University of Munich - £600

Shared rental accommodation per month depending on the location ranges between  £200-600

The family had budgeted for food, books, travel, living expenses - £20,000 annually

Overall costs in Germany are lower than the family estimated 

As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640

Students are permitted to withdraw £720 per month

Updated: June 07, 2023, 4:22 PM`