Abu Dhabi’s Federal Criminal Appeal Court confiscated funds worth over $10.6 million (AED 39 million) from two companies owned by a defendant on charges of sanctions evasion, forgery, and money laundering.
Both companies, which have been closed down and had their bank accounts seized, are required to pay a fine of around $136,128 (AED 500,000) each, the official Emirates News Agency WAM reported on Monday.
The Arab national is to serve a 10-year prison sentence and will be deported upon sentence completion, the court heard.
The case saw the cooperation of the United Arab Emirates’ law enforcement authorities, the Central Bank and the Financial Intelligence Unit.
The case is part of the UAE’s wider crackdown on organized crime as it seeks to uphold the integrity of the international financial system.
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