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Sun 22 Jan 2017 02:33 PM

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Dubai's economic department fines 25 'illegal' money transfer firms

Unauthorised firms were transferring money to Bangladesh, says DED official

Dubai's economic department fines 25 'illegal' money transfer firms
Dubai’s Department of Economic Development (DED) has fined 25 shops for engaging in “unauthorised activities and illegal money transactions”, it said on Saturday.

Dubai’s Department of Economic Development (DED) has said it issued fines to 25 shops for engaging in “unauthorised activities and illegal money transactions”.

The shops were offering Bangladeshi expatriates services of cheaper money transfers to their home country by using an app ‘Bkash’, state news agency WAM reported.

“DED acted on a tip-off and raided the shops, spread across different areas in Dubai, and found out that none of them were licensed [by the UAE Central Bank] to provide money transfer services,” said Mohammed Ali Rashed Lootah, chief executive officer, commercial compliance and consumer protection sector, DED.

All the shops were advertising the “illegal” activity in their native Bengali language to avoid suspicion, with the department confiscating all devices, Lootah said.

DED said the practice was harmful not only to the UAE economy and local businesses, warning people could be conned by such offers.

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Jean Louis Massult 2 years ago

Money transfer services should all be licensed and there should be an easy online way to get licensed when the company has nothing to hide.
There are online services listing secure online money transfer operators.