{"id":6811,"date":"2021-07-28T15:36:56","date_gmt":"2021-07-28T14:36:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6811"},"modified":"2021-07-28T15:37:13","modified_gmt":"2021-07-28T14:37:13","slug":"abu-dhabi-court-sentences-9-accused-in-crypto-money-laundering-to-jail","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/abu-dhabi-court-sentences-9-accused-in-crypto-money-laundering-to-jail\/","title":{"rendered":"Abu Dhabi court sentences 9 accused in crypto money laundering to Jail"},"content":{"rendered":"\n
Using crypto as a means of money laundering is gradually becoming a thing and countries are not taking regulations against it lightly. An Abu Dhabi court<\/a> in this light has sentenced nine individuals to jail.<\/h5>\n\n\n\n
\"Abu<\/figure>\n\n\n\n

A criminal court in Abu Dhabi convicted nine crypto money launderers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to a decade in prison and punishment of Dh10 million apiece. <\/p>\n\n\n\n

Along with the individuals, over six companies have been found guilty of allegations of crypto money laundering.<\/p>\n\n\n\n

The scheme amassed a total of Dh18 million in monies taken from the victims. Except for the second defendant, all of the defendants will be deported to their home countries after serving their sentences.<\/p>\n\n\n\n

Companies that were complicit in the crime are also liable for a Dh50 million fine. Meanwhile, the authorities have seized all stolen monies and assets.<\/p>\n\n\n\n

According to the Abu Dhabi Judicial Department (ADJD), the Abu Dhabi-based crypto money-laundering scheme began with a defendant from another country.<\/p>\n\n\n\n

This person would approach inexperienced and ambitious crypto investor<\/a>s and persuade them of his expertise in the field, allowing him to invest in the crypto market at very profitable rates.<\/p>\n\n\n\n

The victims were asked to transfer their funds, which was followed by an obligatory tax that had to be paid before the profit amounts could be obtained.<\/p>\n\n\n\n

They transferred the funds to a UAE-based shell firm, from which the defendants transferred a significant percentage of the funds to bank accounts located outside the UAE. When one of the potential victims reported suspicious activity, the racket was discovered.<\/p>\n\n\n\n

Anti-Money Laundering (AML) policies are becoming more stringent around the world as the number of crypto money laundering schemes grows. A cryptocurrency element was recently included in the EU's proposed Anti-Money <\/a>Laundering (AML) legislation. T<\/p>\n\n\n\n

Korea, like the EU, has revised its anti-money laundering rules to target crypto money laundering organisations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Using crypto as a means of money laundering is gradually becoming a thing and countries are not taking regulations against it lightly. An Abu Dhabi court in this light has sentenced nine individuals to jail. A criminal court in Abu Dhabi convicted nine crypto money launderers to a decade in prison and punishment of Dh10 […]<\/p>\n","protected":false},"author":12,"featured_media":6812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[1822,132,1791,1437],"class_list":["post-6811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-abu-dhabi","tag-crypto","tag-jail","tag-money-laundering"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Abu-Dhabi-court-sentences-9-accused-in-crypto-money-laundering-to-Jail-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6811"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6812"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}