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New UAE police campaign to crack down on illegal money transfer

Exrarate Manager   |   Posted On: 2020-08-04 18:15:32
New UAE police campaign to crack down on illegal money transfer

The Sharjah Police have launched a crackdown on shops involved in transferring money without licence to many countries. They have also warned shop owners against using their premises to run the illegal business.

The move comes following the recent arrest of five Asian managers of mobile shops who allegedly transferred funds to countries like India, Pakistan, Bangladesh, Ethiopia and Sudan without obtaining licence to carry out such business. The offenders were apprehended red-handed during a sting operation by CID officers.

The police said that they received a tip-off about the managers of certain shops who first received cash from individuals wanting to transfer money back home and then called someone there who provided the family with the funds.

This is considered illegal as the money transferred wouldn't go through central banks and affect the country's economy, the police added. It also hits money transfer and exchange companies that are legally operating in various parts of the emirate, they pointed out.

The police said they are now targeting mobile shops, garment and textiles outlets and all those who run small business. There will be zero tolerance against those who tamper with economy, safety and security in the country.

A police official appealed to the public to use the accredited money transfer companies and banks to transfer funds to their family back home.


Category: Banking Finance
Article Tags: Banking-finance News

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