Al zarooni exchange

Al zarooni exchange

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WASHINGTON, D.C. – The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury today named four individuals and nine organizations linked to the Altaf Khanani Money Laundering Organization (Khanani MLO). Executive Order 13581 (“Blocking Property of Transnational Criminal Organizations”) named the Khanani MLO as a Transnational Criminal Organization (TCO) on November 12, 2015. By sending funds to financial institutions on behalf of drug smugglers and TCOs all over the world, the Khanani MLO participates in third-party money laundering.
Acting OFAC Director John E. Smith said, “Treasury remains committed to combating illegal money laundering networks around the world, and today’s action is the product of close cooperation with our partners in the United Arab Emirates.” “We will continue to use all of our resources to prevent the Khanani Money Laundering Organization from gaining access to the international financial system and obstruct its ability to fund illegal activity.”

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Owing to anti-money laundering enforcement breaches, the central bank of the United Arab Emirates has revoked the license of local money exchange company Al Zarooni Exchange.

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The license was revoked with effect from January 10, 2016, following a special inspection of the company, according to a statement from the Central Bank.

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Al Zarooni was initially barred from conducting remittance, currency exchange, and wage payment business on November 10, 2015, according to the release.

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On Nov. 12, the US Treasury announced that the Altaf Khanani Money Laundering Organization and its Dubai-based supporter, the Al Zarooni Exchange, had been sanctioned for laundering money for criminals and political extremists.

إنشاء محفظة إستثمارية بالشراكة مع شركة رؤية التسويق العقاري

The Khanani MLO is the sixth major TCO targeted under E.O. 13581, and today’s action is the first time OFAC has targeted a skilled money laundering network under the directive.

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By sending funds to financial institutions on behalf of drug dealers and TCOs, the Khanani MLO participates in third-party money laundering.

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The designations made today emphasize the importance of destroying TCOs’ and their supporters’ extensive financial infrastructure.
Acting Under Secretary for Terrorism and Financial Intelligence Adam J. Szubin said, “The Khanani Money Laundering Organization uses its partnerships with financial institutions to funnel billions of dollars around the globe on behalf of terrorists, drug dealers, and criminal organizations.”
“Today’s action prevents the Khanani Money Laundering Organization from using the international financial system to launder money for these criminals.”
The naming of Al Zarooni Exchange follows the Central Bank of the UAE’s operation earlier this week, which was carried out with the help of the Anti-Money Laundering Unit at Dubai Police General Headquarters, which had been in close contact with the DEA prior to the action.
The United States applauds the UAE government for taking steps to tackle the threats raised by these illegal financial operators to the UAE and the international financial system.
We look forward to more chances to work with the UAE on money laundering issues.

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Obaid Khanani, whose father, Altaf Khanani, was arrested in September 2015 by US authorities and accused by the US Treasury Department of laundering billions of dollars for the Taliban and other groups through his Al Zarooni Exchange and other operations.
Obaid Khanani, 29, continued to lead his father’s money-laundering operations after his detention, according to the department. This month, Altaf Khanani will stand trial in Miami on money laundering charges.
According to the Treasury Department, Hozaifa Khanani, 29, is Altaf Khanani’s nephew and was interested in real estate transactions on behalf of his uncle’s organization. Altaf Khanani’s brother, Muhammad Javed Khanani, was “heavily involved in laundering criminal proceeds through money service businesses,” according to the Treasury Department.

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