#Dubai convicts eight people and three companies for cyber fraud and money laundering

Dubai convicts eight people and three companies for cyber fraud and money laundering

The Dubai Misdemeanour Court convicted eight individuals and three companies for cyber fraud and laundering of stolen funds amounting to about Dh14 million ($3.81m), as the UAE continues to combat financial crimes.

One of the defendants hacked into a company’s bank account and fraudulently transferred money into his own company’s account, counsellor Ismail Ali Madani, chief of Public Funds Prosecution, said in a statement by the Dubai Media Office on Saturday.

The other convicted individuals helped the first defendant conduct a series of illegal transactions to transfer and launder the money as well as conceal the crime and source of funds.

The UAE has introduced strict measures to combat money laundering, as the Gulf business hub strengthens its defences against financial crime. The country set up the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) in February to identify money launderers and those suspected of financing terrorists and organised crime.