Peters & Peters

UK-based money service business charged in UAE with money laundering and terrorist financing

Our clients are a British businessman and his UK-regulated money service business.    The client is charged, alongside his UAE-based companies, with serious money laundering and terrorism financing offences.  The UAE prosecution involves over 40 defendants and is of particular interest as the evidence of terrorist links appears to be almost exclusively based on publicly available information reported by a major compliance service provider in respect of counterparties on whose behalf our clients’ UAE business accepted and remitted funds.     The UAE authorities have issued a Red Notice for our client, who is resident in the UK, so we have made representations to INTERPOL as well as preparing for a potential extradition request and/or Mutual Legal Assistance requests from the UAE authorities.  We are also advising the clients on the potential regulatory implications of the UAE proceedings.

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