UAE: Man sentenced to 10 years, his companies shut down for financial crimes

Abu Dhabi: Abu Dhabi Federal Criminal Appeal Court has convicted an Arab national and sentenced him to 10 years imprisonment, followed by deportation.

The Court also convicted the two companies owned by the defendant on charges of sanctions evasion, forgery, and money laundering. Each company was subject to a fine of Dh500,000, in addition to confiscating the funds of both companies, amounting to Dh39 million in their seized bank accounts. Both companies were also closed down.

The sentencing results from cooperation between the UAE’s law enforcement authorities, the Central Bank and the Financial Intelligence Unit on the case.