CARTEL'S WAVING DUBAI TO ITS CASH

UAE is waging war 6 foreign exchange Regulator eying gold, on money laundering houses fined millions property and jewellery

- BY JOHN KIERANS

THE Kinahan cartel are in a new battle to keep their laundered drug money.

The Central Bank of the United Arab Emirates in Dubai where Christy Kinahan Snr and his sons Christy Jnr and Daniel are all living has started a new war against money laundering.

Six foreign exchange houses were fined millions in recent weeks for breaching the rules.

But now the crackdown has spread across several sectors previously untouched by the regulator - property, gold and jewellery trading plus auditing and corporate service providers.

The UAE Central Bank confirmed it is now working hand in hand with the Dubai police to increase and tighten up surveillance on suspicious transactions across all businesses.

They have created new data sharing channels so they can identify the true individuals behind corporate structures and financial dealings.

The Dubai regulator and government said there is now zero tolerance for institutions who fail to protect their financial system from abuse.

Two foreign banks were also fined along with individual executives caught breaking the rules.

A senior Garda source said: "This move will put serious financial pressure on the Kinahans and all their business interests in Dubai.

"They own a portfolio of properties in the Gulf with many held in the names of other people plus a number of so called legitimate businesses.

"The authorities in Dubai are cleaning up their act and no longer want to be a heaven for various international criminals."