Abu Dhabi: An Arab resident has been detained by the Abu Dhabi Public Prosecution on charges of money laundering, the Abu Dhabi Judicial Department announced in a statement sent today (Saturday).
The man, who was employed at the General Authority of Islamic Affairs and Endowments, was detained after a UAE-based bank reported suspicious transactions into his account. This included total deposits of Dh6.6 million from February 2011 to April 2012. The deposits were made from across the country, but without any documentation to verify the origins of the funds.
The bank reported the case to the UAE Central Bank’s Anti-Money Laundering and Suspicious Cases Unit, which then referred it to the Public Prosecution.
When questioned by Public Prosecutors, the defendant admitted to undertaking business activities without a commercial license. He added that he received funds from his countrymen in the UAE, which he sent back to their families outside the country after charging a fee. According to the defendant, money exchanges in the UAE do not transfer funds to his country. The defendant also admitted to lending funds based on profit rates used by Islamic banks.
An official from the Abu Dhabi Attorney General Office asked all residents to undertake fund transfers only through legally licensed businesses, as using unlicensed agents may implicate them in suspicious activity. He also said that residents must be able to verify the source of any funds deposited into their bank accounts.
