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American business entrepreneur held in Dubai for investigation over international money laundering
An American entrepreneur has been held for further investigation in Dubai after he was reportedly found carrying $12,470,000 in cash while travelling to Los Angeles.
Authorities say the investigation remains ongoing.
An American business entrepreneur has been held for further investigation in Dubai for his role in international money laundering.
The business entrepreneur, whose real name is Ferris Ethan Clifford, was stopped on his way heading to Los Angeles, United States of America, and found with a huge amount of money ($12,470,000.00), which appeared to authorities to look like fraud or money laundering.
The Emirates intelligence monitoring unit discovered that the documentation backing up the funds Ferris Ethan Clifford was travelling with is invalid. Under the constitution, any amount above $10,000.00 found on a person must be accompanied by a clearance certificate proving that the money was not stolen or hijacked.
In 2022, a law was put in place stating that anyone found in such a case should be sentenced by the royal court to a combined total of 10 years, or be found guilty and made to pay a fine of $210,000.00.
The Chief Officer said the operation demonstrates the “effectiveness” of the strongest deterrent to criminal networks seeking to launder money on the island.
“It also illustrates how SOJP works closely with our highly professional colleagues at the NCA – they are an agency to be reckoned with.”
The investigation remains ongoing, and no final determination of guilt has been made. Mr. Clifford is presumed innocent unless and until proven guilty in accordance with applicable law.