UAE authorities have launched a crackdown on 'hawala' operators as part of a move to target money laundering after several arrests were made last week in Dubai, according to Gulf News.The UAE Central Bank today warned banks and money exchanges to freeze accounts of the main suspects and the nine firms at the centre of the alleged scam, the report said. 'Hawala' is a system which allows customers to transfer money via a network of brokers."The UAE Central Bank, in view of the reports received from Dubai Police General Headquarters, issued a notice to all banks and moneychangers, operating in the country instructing them to freeze the accounts of the main suspects, those who assisted them as well as the nine companies involved in the case," said a Dubai Police statement quoted by Gulf News. "In addition, all transfers in the said names were also prohibited."
Security forces detained a number of suspects in Deira last week, shutting down their hawala operations. According to reports, the criminal organization - involving Asian, European and American citizens - misused financial institutions and was helped by some staff "to conceal such crimes, against commissions."Market officials said police have shut also confiscated large sums of hard currency from operators. Source
Security forces detained a number of suspects in Deira last week, shutting down their hawala operations. According to reports, the criminal organization - involving Asian, European and American citizens - misused financial institutions and was helped by some staff "to conceal such crimes, against commissions."Market officials said police have shut also confiscated large sums of hard currency from operators. Source
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