Each company was subject to a fine of Dhs500,000, in addition to confiscating the funds of both companies, amounting to Dhs39 million, from seized bank accounts, and both companies were closed down.
Suspect had a criminal record and was jailed pending a case of illegal trade in foreign exchange outside the banking market at black market prices.
Abbas, under the name "Ray Hushpuppi," had more than 2 million Instagram followers before he was arrested in 2020 in Dubai. His social media posts showed him living a life of luxury, complete with private jets, ultra-expensive cars and high-end clothes and watches.
The inspections fined six DNFBP companies for their failure to adhere to the internal policies and controls established to combat crime; engaging in suspicious business relationships.
The guidance discusses the ML/TF relevant to life insurance and other investment-related insurance products, and how insurance operators can apply preventive measures to identify, assess, manage, and mitigate them.
The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the Licensed Financial Institutions (LFIs)
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."
Victims were conned by the fake scheme and were exhorted to invest in a shell company, which the accused claimed specialised in trading digital currencies and has shares in the global markets.
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.