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Sunday, May 17, 2009

Dubai helps halt $28b money laundering operation

Dubai helps halt $28b money laundering operation
By Siham Al Najami, Staff Reporter
Published: May 08, 2009, 23:07

Dubai: A massive money laundering operation worth $28 billion (Dh102.8 billion) was halted with the help of Dubai Police recently.

The operation, involving money derived from drug trafficking, was spread around at least 13 countries and a number of the gang members have been arrested, said Younus Yousuf Al Mua'alem, Financial and Banking Fraud Expert and Head of Combating Money Laundering and Financial Crimes Department of Dubai Police.

The UAE is not part of the organised crimes but is among the countries where money is laundered. Corporate corruption plays a part in the money laundering process which has some marks in the UAE, he said.

Among the countries involved in the $28 billion operation are Lebanon, Cambodia, Canada, US, Singapore, Holland, UK, Hong Kong, Australia, Pakistan, and the UAE.

A significant player in the operation was caught in Brazil, Al Mua'alem said, adding that Dubai Police received a certificate of appreciation from the Brazilian police department.

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