The Dubai Criminal Court on Wednesday heard the case of two Asians, a bank manager, and a 40-year-old housewife charged with nearly 20 charges including embezzlement, profiteering, forgery and money laundering of Dhs5.2 million from bank accounts.
In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia said the 28-country EU needed a "central supervisor" to tackle the flow of dirty money within the bloc's financial system.
The UAE has presented its plan to combat money laundering for the upcoming month of February, during a joint review meeting held by the International Financial Action Task Force (FATF).
A large number of PML-N workers were present in the premises of the high court. They kept chanting slogans in favour of their president and against the NAB and Prime Minister Imran Khan.
FBI extends his appreciations to Dubai Police for their cooperation in extraditing the wanted criminals, who committed money-laundering and multiple cybercrimes, to the United States.
The court sentenced the suspects to ten years in jail each, to be followed by deportation, besides a Dhs10m fine. The court also fined two companies, one for advertising and the second for electronics trading, Dhs50 million each.
Imran tweeted: "Today in Senate the opposition defeated 2 critical FATF-related bills: Anti Money Laundering & ICT Waqf bills. From day one I have maintained that the self-serving interests of the opposition leaders & the country's interests are divergent. As accountability noose has tightened."
The Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).
An official source in the Oversight and Anti-Corruption Authority stated that the authority, with the cooperation of the Saudi Central Bank, has initiated procedures on the issue.
The Court also ordered the seizure of the proceeds of the money laundering crime and the property of equivalent value, sentenced the two accused to pay an amount of Dhs501,000 as temporary compensation for the two companies claiming civil rights.