Central bank warns against unauthorised funds

The Central Bank has warned the public to avoid dealing with investment funds that are not authorised by the Government to do business in the UAE.

The bank’s anti-money laundering committee has been conducting investigations into fraudulent financial practices in the UAE, which it said had increased since the onset of the financial crisis.

The committee issued a cautionary notice meant to raise awareness of “some individuals and institutions” that were not licensed by the Central Bank, but were carrying out fund management operations. The notice also identified fraudulent techniques used to fleece investors.