UAE refers individuals to criminal court over alleged forgery, money laundering and tax evasion
The UAE has charged 15 individuals accused of tax crimes and money laundering.
Dr. Hamad Saif Al Shamsi, Attorney-General of the UAE, ordered the referral of 15 individuals of various Arab nationalities to the criminal court, including some who are in custody and others who are fugitives with warrants issued for their arrest.
The indictment also includes 12 companies accused of forgery, money laundering, and tax evasion.
UAE tax charges
Investigations conducted by the Federal Prosecution for Tax Evasion Crimes, under the direct supervision of the Attorney-General, revealed that the defendants formed a criminal gang to commit fraud, as they falsified official documents attributed to the Ministry of Economy, chambers of commerce, customs authorities, and other entities.
These forged documents enabled them to unlawfully claim refunds for value-added tax (VAT) on fictitious goods they falsely claimed to have purchased, paid VAT for, and exported abroad using companies they established for their criminal scheme.
The defendants also misappropriated VAT amounts on imports that were meant to be remitted to the Federal Tax Authority.
The total amount misappropriated by the defendants exceeded AED107m ($29.1m).
The defendants also concealed and disguised the source of the illicit proceeds through money laundering activities.
Source: www.arabianbusiness.com