UAE Exchange staff guilty of $930m money laundering racket

Bahraini court finds 11 UAE Exchange staff and four others illegally transferred almost $1bn to Saudi Arabia
UAE Exchange staff guilty of $930m money laundering racket
By Courtney Trenwith
Wed 01 Oct 2014 01:38 PM

Eleven employees of UAE Exchange in Bahrain have been convicted of participating in a BD350 million ($930m) money laundering racket, Gulf Daily News has reported.

Four others also have been found guilty of participating in the scam, which involved sending money to Saudi Arabia.

The men, including 11 managers and staff at UAE Exchange, were convicted of crimes including money laundering, illegally transferring money, forging documents, hiding data, failing to provide registers documenting the company's transactions and providing false information to the Central Bank of Bahrain.

The crime was detected during a major investigation across GCC countries, including the UAE, Bahrain and Saudi Arabia, GDN said.

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