UAE Companies Involved in “Money Laundering”.. 13 Companies Implicated in the Largest File of Russian Money Laundering

2019-02-04 0

 

RMD

The scandal of what has become known as the “Russian money laundering” is unfolding day after day, thanks to the investigation of 30 journalists, including seven Arab journalists, of Arab companies into the “money laundering” files since it started in 2014.

The investigation followed 13 out of 150 UAE companies whose names were listed among thousands of companies which have been identified as being involved in financial corruption and illegal bank transfers in 96 countries.

In this investigation, we monitored the transfers of the 13 companies and their activities, which amounted to $ 70 million, and we made contacts with them in direct encounters.

 

Since 2014, the Organized Crime and Corruption Reporting Project (OCCRP) has published a series of investigations in collaboration with the Russian Novaya Gazeta newspaper to uncover the largest  money-laundering operation in history, $ 21 billion, for the benefit of Russian figures and companies. The money of fake transactions that managed money laundering was transferred to 5140 companies through 732 banks around the world.

 

The UAE National Bank of Dubai (NBD) is among these banks and it is responsible for suspicious bank transfers worth $ 357 million. When Arabian Business magazine in the UAE asked the bank manager about these facts, he admitted it, but he said he was victim and he did not know about it. Abu Dhabi Commercial Bank (ADCB) was also suspected of passing bank transfers in exchange for money laundering transactions worth more than $ 26 million. When the interrogator asked for a reaction, he did not respond.

 

The investigator found that UAE companies received remittances from convicted Russian companies in exchange for the export of goods which are not related to the company’s declared activity. It also revealed relations between some of these companies and Russian companies and departments, as well as the involvement of some companies in corruption files and major financial scandals, such as Panama documents scandal.

 

To read the full investigation, click here

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