ALBAWABA – The authorities of the United Arab Emirates (UAE) issued a public warning against currency scams in the UAE last week, news agencies reported.
The Abu Dhabi Judicial Department warned that counterfeit gangs use social media to target people with fake currency offers during the holidays.
In a video posted on social media the ADJD advised people to exclusively use authorised exchange offices, tellers or banks when changing foreign currency in the UAE.
Ads on social media that offer generous rates of exchange or lucrative offers are made by fake cash scam gangs. People should be cautious, the video said.
“Scammers, fraudsters, and currency counterfeiting gangs take advantage of the holiday period to offer foreign currencies at reduced prices through social media.”
“These gangs lure people through social media platforms and advertisements. People should avoid such lucrative offers and refrain from exchanging money using such dubious deals.”
Avoid unofficial exchanges amid public warning against currency scams in UAE
Even when the exchanged notes are authentic, non-licenced exchange houses should be avoided. The dubious origins of the banknotes could lead to further trouble.
Use only official exchanges amid public warning against currency scams in UAE - Shutterstock
The move aligned with the stipulations of Article 14 of the Federal Decree Law No. (20) of 2018, which pertains to Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, a statement by the Central Bank said.
Last week, the Central Bank of the UAE (CBUAE) imposed a fine of AED 4.8m on an exchange house. The authority cited “weak compliance framework” to prevent money laundering and the financing of terrorism, Arabian Business reported.
The name of the money exchange house was not disclosed.
