UAE fights money laundering

In order to crack down on money laundering and illegal sale of strategic dual-use items, 40 companies have been shut down in the United Arab Emirates.

The above-mentioned companies include both local and international ones. They were involved in money laundering and sale of dual use and dangerous materials that according to the Nuclear Non-Proliferation Treaty (NPT) and other UN resolutions were banned.

In the end of August, a law was introduced in the UAE in order to standardize the control over the trade of military equipment and strategic domestic-military dual-use items. In accordance with it, the export or re-export of “strategic goods,” including military equipment, chemical and biological materials and dual-use items used for both domestic and military purposes without a special license are prohibited. 

The names the 40 companies and the nationalities of owners were not disclosed. 

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