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South Africa Faults U.A.E.’s Failure to Cooperate on Graft Fight

South Africa’s government criticized the United Arab Emirates for failing to cooperate with its requests for assistance in bringing to justice people suspected of being involved in corruption. The two nations have finalized and ratified extradition and mutual legal assistance treaties that may signal a change of course by the… Read More

UAE and Egypt’s central banks sign supervision agreement

The Central Bank of the UAE and the Central Bank of Egypt signed an agreement to strengthen the supervision of licensed financial institutions, such as banks, finance companies and foreign exchange businesses. The agreement sets up mechanisms to oversee the licensing and ownership structure of LFIs, the examination of their… Read More

UAE unveils campaign for companies to comply with ‘ultimate beneficiary’ rules

The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries. Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the… Read More

26th May 2021

Lukashenko Doles Out Prime Belarus Real Estate to Serbian Cronies

By Stas Ivashkevich, Olga Ratmirova, Ales Yarashevich and Bojana Jovanovic, OCCRP, 25 May 2021 OCCRP — When the Minsk City Council announced the winner of an architectural competition in 2008, the plan for the futuristic project was ambitious. Glass towers twisted like corkscrews, enveloping a 300-meter-high skyscraper,… Read More

24th May 2021

Dubai gold trader fined Dh1.35m for failing to comply with anti-money laundering and terrorism financing laws

A gold trader in Dubai has been fined a total of Dh1.35 million ($367,597) for eight separate breaches of laws governing money laundering and terrorism financing. The unnamed company was fined as part of the Ministry of Economy’s extensive inspection campaign into Designated Non-Financial Business and Professions (DNFBPs). DNFBPs are… Read More

14th May 2021

Eight arrested in UK over dirty money network flying cash to Dubai in suitcases

British police arrested eight people as part of an investigation into a £50 million ($70.7m) international money laundering racket. The inquiry was sparked by the arrest of British woman Tara Hanlon in October last year as she prepared to board a flight to Dubai with £1.9 million in her luggage. Read More

11th May 2021

Dubai Police arrest one of UK’s most-wanted fugitives

Dubai Police have arrested one of the UK’s most wanted fugitives after eight years on the run, after Interpol issued a Red Notice. Michael Paul Moogan, 35, from Liverpool in the UK, had been on the National Crime Agency-UK wanted list for his alleged role in a large-scale international drug… Read More

10th May 2021

Nigeria’s Minister of Justice Says High-Profile Nigerians May Be Funding Terrorism

The Attorney-General of the Federation (AGF), Abubakar Malami, said on Friday, that ongoing investigations have revealed many highly placed Nigerians and businessmen involved in financing terrorism. Mr Malami, who doubles as the Minister of Justice, said the ‘strongly’ suspected financiers were already being profiled for prosecution. The minister, who… Read More

29th April 2021

Nigerian politicians own 800 properties worth $400m in London, Dubai – Chatham House Expert

Matthew Page, an associate fellow of London-based Chatham House, an international affairs think tank, has advised investigators to focus on real estate and education sectors, when tracking illicit financial flows and money laundering. He gave the advice in a paper he presented entitled, ‘IFFs through the real estate and education… Read More

26th April 2021

Dh1,000 mistakenly deposited in a bank account leads to drug peddlers and money laundering in Sharjah

A 60-year-old businessman has been ordered by the court to pay a fine of Dh100,000, followed by deportation, in a money laundering case. The Afghan man was also accused of selling drugs and the case is still being heard in court. The details of the case came to light when… Read More

20th April 2021

Torpedo: The Double Life of an Accused US-Albanian Drug Trafficker

By Besar Likmeta, Edmond Hoxhaj and Perparim Isufi, BIRN, 20 April 2021 BIRN – At first glance, Michigan resident Ylli Didani was a successful businessman with stakes in companies in the United States, Albania and Kosovo, where he enjoyed a business relationship with a former security aide… Read More

12th April 2021

UAE anti-money laundering: Registration for non-financial entities, individuals extended until April 30

The UAE Ministry of Economy announced the extension of the deadline granted to companies in the “specific non-financial business and professions” sector to register in government regulations approved for countering money laundering and combating the financing of terrorism until the end of April. The decision is due to the large… Read More

6th April 2021

UAE central bank issues best practice rules for financial products

The Central Bank of UAE released new regulations for small to medium-sized enterprises (SMEs) aimed at promoting “best practices among licenced financial institutions when engaging with SMEs”. The purpose of the regulation was to improve SMEs’ access to financial products and services, following the launch of its new regulatory framework… Read More

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