UAE praised for helping to crack global laundering racket

A United States court's decision to seize $4.3 million (Dh15.7m) from the Manhattan accounts of a group of Dubai-based businessmen and trading companies has created a new sense of alert among local traders to strictly process transactions through official banking channels, especially when trading with or through the United States.

Late last month, the US Attorneys Office in New York allowed the recovery of $4.3m seized from bank accounts in New York that had been allegedly used to launder proceeds of contraband in Europe.

The judgement, issued on June 22, praised law enforcement authorities in the UAE, Europe and the US, whose efforts led to the arrest of 40 individuals in the UAE under the anti-money laundering law for using hawala and money exchange routes for the illegal operation.