Abu Dhabi Public Prosecution charges man with money laundering
Abu Dhabi, 28 July 2012 (WAM) - Abu Dhabi Public Prosecution has ordered detention of a man who works for the General Authority for Islamic Affairs and Endowments (GAIAE) and charged him with money laundering.
The local bank in which the man holds an account reported to the Central Bank's anti-money laundering unit suspicious transactions in the account which received deposits amounting to AED 6.6 million in a four months time spanning between January and April 2012.
The man confessed to practicing illegal business activity by collecting deposits from his compatriots in the UAE and transferring them to their country against a fee. He also admitted lending money to individuals on the basis of Murabaha system, charging an interest rate of 4 to 6 percent per for each loan and taking guarantee cheques or promissory notes from the borrowers.