Money laundering cases rise in 2009

Reports of suspicious transactions increased to 1,729 last year, UAE Central Bank official reveals.
Money laundering cases rise in 2009
CASH SCAM: Reports of suspicious money laundering transactions rose to 1,729 in 2009.
By Elsa Baxter
Wed 10 Feb 2010 07:58 AM

More cases of money laundering were reported in the emirates last year, a UAE Central Bank official revealed on Tuesday.

Reports of suspicious money laundering transactions rose to 1,729 in 2009, up from 1,170 in 2008, Abdul Rahim Al Awadhi, deputy executive director, told a press conference on Tuesday.

Of these cases, 683 were sent to security authorities, while 169 were handed over to the judiciary. The remaining cases are still under investigation, the official news agency WAM reported.

Al Awadhi, who is also head of the bank’s Anti-Money Laundering and Suspicious Cases Unit, said there was no involvement of foreign parties in money laundering operations through buying properties in the UAE.

He said such allegations were “baseless” because “all real estate companies in the UAE are committed to the law for criminalising money laundering and financing terrorism.”

Al Awadhi added that the rise in the number of reported suspicious cases showed the commitment by the banking sector to tackling crime.

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