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.
Saturday 21 August 2021
Norway’s $1.4 Trillion Wealth Fund Puts Oil Stocks on Notice - Bloomberg
Norway’s $1.4 Trillion Wealth Fund Puts Oil Stocks on Notice - Bloomberg
Norway’s wealth fund says there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines it operates by are reviewed to give climate risk greater prominence.
Norges Bank Investment Management still holds stakes in a number of fossil-fuel giants, including Exxon Mobil Corp., Chevron Corp. and BP Plc., after failing to win political approval to dump its entire portfolio of oil stocks a few years back.
“These are companies we monitor very, very closely with a view to the climate and emissions,” Carine Smith Ihenacho, chief corporate governance officer at the Oslo-based fund, said in an interview.
Norway is now taking another look at the mandate handed to its wealth fund, the world’s biggest. On Friday, a government-appointed expert group submitted its recommendations, amid increasingly disturbing evidence that the planet is heating up much faster than previously feared.
Norway’s wealth fund says there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines it operates by are reviewed to give climate risk greater prominence.
Norges Bank Investment Management still holds stakes in a number of fossil-fuel giants, including Exxon Mobil Corp., Chevron Corp. and BP Plc., after failing to win political approval to dump its entire portfolio of oil stocks a few years back.
“These are companies we monitor very, very closely with a view to the climate and emissions,” Carine Smith Ihenacho, chief corporate governance officer at the Oslo-based fund, said in an interview.
Norway is now taking another look at the mandate handed to its wealth fund, the world’s biggest. On Friday, a government-appointed expert group submitted its recommendations, amid increasingly disturbing evidence that the planet is heating up much faster than previously feared.
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