Featured Dubai

Inside scandal-rocked Danske Estonia and the shell-company ‘factories’ that served it

By Simon Bowers, Karrie Kehoe and Holger Roonemaa, ICIJ, 21 September 2020 ICIJ — The Estonian banker was frantic: A whistleblower inside the bank suspected nine anonymous companies — all registered in the United Kingdom — of serious financial crimes and was threatening to go to authorities. “The whistleblower demands… Read More

FinCEN Files: UAE central bank failed to prevent sanctions evasion

The United Arab Emirates’ central bank failed to act on warnings about a local firm which was helping Iran to evade sanctions, the BBC has found. Leaked documents show Dubai-based Gunes General Trading processed $142m (£110m) in suspicious transactions through the UAE financial system in 2011 and 2012. The activity… Read More

By Suitcase And By Wire: How Reza Zarrab Smuggled Russia’s Money

By Tom Stocks, Daniela Castro, Kelly Bloss and Adam Klasfeld, OCCRP, 20 September 2020 OCCRP — Best known for laundering billions of dollars for Iran, notorious gold smuggler Reza Zarrab’s ties to Russia received only passing mention when he was prosecuted in the U.S. in 2016. That was a huge… Read More
3rd September 2020
The Enforcement Directorate (ED) has arrested notorious “hawala” operator Naresh Jain, who along his accomplices is alleged to have facilitated illegal transactions involving more than ₹95,000 crore in India using over 600 bank accounts. The accused also got transferred about ₹11,500 crore overseas on various pretexts. It is alleged that… Read More
3rd September 2020
The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday. The announcement was made following the sixth meeting of the National Committee for… Read More
31st August 2020
A FTSE 250 cigarette products supplier that has been under investigation by United States authorities over possible sanctions breaches is not expecting a second fine. Essentra agreed to pay a £530,000 fine for sanctions violations in North Korea last month but the US Treasury Department’s Office of Foreign Assets Control… Read More
18th August 2020
Malta’s consul to Shanghai was charged with money laundering on Sunday after police discovered a large sum of money hidden in his home. Aldo Cutajar, 55, was remanded in custody after being arraigned in court by the police’s Economic Crimes Unit along with his wife Isabel. The police told the… Read More
7th August 2020
A Dubai commercial court order for a bank to repay a customer Dh4.5 million has been upheld by the Dubai Court of Appeals. The amount is worth of balance, siphoned off from his account. In October last year, the Dubai Commercial Court found the bank responsible for the losses incurred… Read More
27th July 2020
Philippine investigators say they have identified dozens of people and entities of interest in their probe into Wirecard AG, and are focusing on two bank employees who may have facilitated a multinational accounting scandal at the insolvent German payments company. Wirecard had claimed some $2.1 billion in cash… Read More
23rd July 2020
AP — Two more former executives at bankrupt German payment company Wirecard were arrested on Wednesday in the fraud scandal that brought down the one-time tech star and its former CEO was taken back into custody after the case against him was expanded, prosecutors said. The former Wirecard managers are… Read More
10th July 2020
German prosecutors are looking into possible money laundering by executives at Wirecard AG, adding to ongoing probes related to potential fraud and fake accounting at the insolvent payments firm. A spokeswoman for the Munich public prosecutor said it was conducting several legal cases related to possible money laundering… Read More
9th July 2020
By Sandrine Gagné-Acoulon, OCCRP, 8 July 2020 OCCRP — A US think tank claims that poor enforcement has turned Dubai into a hotbed of dodgy dealings by allowing the emirate to serve as a major crossroad for gray networks and international finance. The Carnegie Endowment for International Peace released… Read More
9th July 2020
The United States government has gained custody of a Nigerian man who could have been behind the multi-million cyberattack on Bank of Valletta in February 2019. The FBI’s criminal complaint says that Ramoni Igbalode Abbas aka “Hushpuppi”, who amassed 2.4 million followers on Instagram flaunting luxury cars, designer clothing,… Read More