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NMC founder sues EY, banks and execs for $8 bln over alleged fraud

B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S. court, seeking $8 billion in damages for an alleged multibillion-dollar fraud at his group. EY said in a statement: “We believe this… Read More

Dutch national of Indian origin held on money-laundering charge

The Enforcement Directorate on Saturday arrested Shivlal Pabbi, a Dutch national who allegedly ran ‘hawala’ operations in the garb of ready-made garments trade in the Netherlands. The accused got the proceeds of the crime laundered via some Pakistan nationals based in Dubai. Mr. Pabbi was allegedly trying to flee the… Read More

Firms face owner disclosure as UAE acts to avoid dirty money list

More than 500,000 firms in the United Arab Emirates (UAE) must disclose their ultimate owners from Wednesday or face penalties, as the Middle East financial hub tries to avoid inclusion on a dirty money watchlist. However, under legislation passed last year beneficial and legal ownership data will only be disclosed… Read More
1st June 2021
The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries. Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the… Read More
24th May 2021
A gold trader in Dubai has been fined a total of Dh1.35 million ($367,597) for eight separate breaches of laws governing money laundering and terrorism financing. The unnamed company was fined as part of the Ministry of Economy’s extensive inspection campaign into Designated Non-Financial Business and Professions (DNFBPs). DNFBPs are… Read More
20th April 2021
By Besar Likmeta, Edmond Hoxhaj and Perparim Isufi, BIRN, 20 April 2021 BIRN – At first glance, Michigan resident Ylli Didani was a successful businessman with stakes in companies in the United States, Albania and Kosovo, where he enjoyed a business relationship with a former security aide… Read More
30th March 2021
The Dubai Financial Services Authority, or DFSA, is continuing its efforts to create a standardized framework for cryptocurrency regulations in the megacity. According to a DFSA press release issued on Monday, Dubai’s financial regulator has called on members of the public to submit comments on its proposed regulations for… Read More
30th March 2021
Global accounting and consultancy firm EY has dropped its appeal against a judge’s decision ordering it to pay $10.8m to a whistleblower who flagged money laundering concerns. A BBC investigation revealed EY covered up evidence of smuggling by an organised crime gang. The gang was laundering drug money from… Read More
26th March 2021
The United Arab Emirates, one of the world’s largest gold hubs, is strengthening its defences against financial crime, including new restrictions on the movement of cash and precious metals, the Gulf state said on Thursday. The steps follow a 2018 tightening of financial regulations that sought to dispel a view… Read More
9th March 2021
The United Arab Emirates, a magnet for the globe’s ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted a $200 billion-plus money flow to the country. The index by the Tax Justice Network, which highlights countries that attract… Read More
26th February 2021
In a major step to combat money laundering and financing terrorism, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism… Read More
25th February 2021
By Alessandro Ford, OCCRP, 24 February 2021 OCCRP – More than US$4 billion in conflict-affected or high-risk gold from Central and East Africa gushes every year through world gold centers like Dubai to permeate international markets, according to a report published Monday. The Sentry, an… Read More
16th February 2021
By Will Fitzgibbon, ICIJ, 15 February 2021 ICIJ — Three of the world’s largest consulting firms received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money… Read More