Nine accused and nine companies were convicted in a money laundering case by an Abu Dhabi court on Tuesday.
The convicted individuals were handed sentences ranging from seven to 10 years, and fines of Dh5 million each, while the nine companies involved will each pay a fine of Dh50 million.
The Dh306 million case was unravelled after the UAE Central Bank flagged suspicious banking transactions conducted in the bank accounts of two companies.
After auditing and tracking of accounts, it was established that the companies had concealed the sources of income generated out of criminal activities.
The Abu Dhabi Public Prosecution then initiated its investigations, which showed that the first accused was trying to conceal his illegal activities in oil trading, and did not have a licence from the competent authorities. Among the methods used to disguise the source of funds, he would transfer funds to other companies, some of which were fictitious and some which were created by their owners specifically for the purpose of concealing the source illegal proceeds.
R.S.A, a British citizen who is the main convicted, was sentenced to 10 years in jail and a fine of Dh5 million, followed by deportation. H.N.Z. a French citizen, G.A.S. a German citizen, S.A. from Kyrgyzstan, A.A. from Kazakhstan, V.S. from Lithuania, S.M.S from India, and R.A.A. from the Netherlands were each sentenced to seven years in jail, Dh5 million fine and deportation. A.A.M, a UAE national, was also sentenced to seven years in jail and a Dh5 million fine.
This article has been adapted from its original source.
