UAE shuts down 40 companies for money laundering and illegal exports

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

10 September 2007

Gulf media are reporting today that authorities in the United Arab Emirates have closed down 40 international and local companies, on grounds of money laundering and exporting dual-use and dangerous materials. None of the companies shut down have been publicly named. The crackdown was conducted under a new UAE law that restricts the export of military and dual-use technology.

Under the new UAE laws, the government can restrict or prohibit import, export, or re-export of military or dual-use equipment, on the grounds that it is a threat to:

National Security

Foreign Policy

Natural Resources

The Environment

Public Health & Safety

Some dual-use exports were going to Iran. The types of goods covered include:

Weapons & military equipment

Chemical & biological materials

Goods which have potential dual-use (both military and civilian applications)

We are endeavouring to obtain the names of the companies, and will release this information immediately it becomes available to us.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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