7 Arrested in UAE and Sweden for Cryptocurrency Money Laundering

Authorities in the United Arab Emirates (UAE) and Sweden have arrested seven people on suspicion of using cryptocurrency to launder funds internationally. The alleged amount involved is approximately $7.1 million (about 98 billion won). The UAE Ministry of Interior announced on the 17th that it had apprehended a Swedish national who was on an Interpol red notice, as the leader of an organized crime network, in the UAE. Swedish police stated they arrested six members of the same network within Sweden.

Swedish authorities revealed that the network handled roughly 70 million Swedish krona (about $7.1 million) over a period of 10 months, using cryptocurrency to transfer cash obtained from criminal activities to other organized crime groups. They also disclosed that through cryptocurrency transaction tracking and digital evidence analysis, they found connections between this network and serious crimes such as organized crime and contract killings.