Swedish criminal arrested in UAE used crypto to funnel funds
Recently the UAE authorities arrested the leader of an international gang wanted by INTERPOL as part of a joint operation with Sweden that uncovered a network handling approximately $7.2m in alleged criminal funds of which some were funneled through cryptocurrencies.
The Swedish national had fled Sweden and was wanted under an INTERPOL Red Notice on suspicion of involvement in money laundering crimes, according to the UAE Ministry of Interior. His arrest in the UAE coincided with Swedish authorities arresting six other alleged members of the gang in Sweden.
The funds included cash proceeds allegedly derived from criminal activities that were redirected to other criminal entities, while cryptocurrencies were also used to transfer and move the value of the funds.
The Ministry of Interior said tracing cryptocurrency transactions and analysing digital evidence helped investigators uncover financial links to other criminal activities, including organised crime and contract killings.
Brigadier Abdulaziz Al Ahmad, Director General of the Federal Criminal Police at the Ministry of Interior, said the operation demonstrated the effectiveness of cooperation between the UAE and Sweden and the importance of sharing intelligence in investigations into international criminal networks and their financial flows.
Anders Wiberg, Police Commissioner and Head of the International Division of the Swedish Police Authority, said cooperation between the two countries had been central to the operation.
The Ministry of Interior did not identify the arrested Swedish national in its announcement.
