Repatriation of Over $200b Loots In Dubai In Progress

The Chairman of the Senate Committee on Foreign and Domestic Debts, Senator Shehu Sani, said that over $200 billion had been hidden in UAE stressing that the law will soon catch up with the culprits accordingly.

 

“Over $200 billion is stashed away from Nigeria in Dubai alone. This may be monies stolen in the past 20 years. I am not talking about estates and bonds and other securities bought with Nigeria stolen money.”

The anti-money laundering policy of UAE Central Bank reads in part: “Any person who commits, or attempts to commit, a Money Laundering offence shall be punished by imprisonment of up to 10 years and or a fine of between AED 100,000 and AED 500,000.

”In cases of multiple perpetrators, the Court, subject to its discretion, may exempt a perpetrator from the imprisonment penalty if he takes the initiative and reports the crime to the competent authorities prior to the knowledge of such authorities and if his actions lead to the arrest of the other perpetrators or seizure of the laundered money.

”Any establishment that commits an offence of money laundering, financing of terrorism or financing of any unlawful organisations, shall be punished by a fine of AED 300,000 and AED 1,000,000. Failure to report a suspicious transaction shall be punishable by imprisonment and /or a fine of between AED 50,000 and AED 300,000.

”Tipping off a person being investigated regarding a suspicious transaction shall be punishable by imprisonment of up to one year and/ or a fine of between AED10,000 and AED 100,000. Violation of the requirements of Airport Declarations shall be punishable by imprisonment and or a fine”, Sani said.

Apart from over $200billion stashed away by some former governors, ex-ministers and other public officers in the United Arab Emirates (UAE), some mansions belonging to some former Politically Exposed Persons (PEPs) and their cronies or fronts may also be seized, a source said.

Already, the searchlight over stashing away cash or acquiring properties in the UAE are seven former governors, six former ministers, a fleeing presidential aide implicated in the $2.1billion arms deals, ex-military chiefs under probe, agents / fronts of some of these public officers and five chieftains of the Peoples Democratic Party (PDP).

According to a report, a Federal Government team, comprising the Minister of Justice and Attorney-General of the Federation, Mr. Abubakar Malami, the Chairman of the Economic and Financial Crimes Commission(EFCC), Mr. Ibrahim Magu and crack detectives from the anti-graft agency, yesterday started comparing collated intelligence notes on the PEPs with their UAE counterparts.

While the EFCC officials reportedly arrived in Dubai on Saturday, the Minister left Abuja yesterday to join the team.

It will be recalled that President Muhammadu Buhari in January signed a “Judicial Agreement on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of stolen wealth”.