Money Transfers Newsletter, April 2008
Dr. B.R. Shetty set up UAE Exchange in 1980. The company now employs 5000 people worldwide. Since then, it has grown from one branch in Abu Dhabi to more than 400 branches in over 16 countries and agent arrangements in over 83 countries. Mr Mohan Shetty received the IAMTN Award at the GCMT Conference in London on behalf of Dr B.R. Shetty and UAE Exchange.
Money laundering, literally, means cleaning illicit profits in order to obscure their source and bringing it into use. Typical sources are drug and arms trafficking, financial fraud, corruption, piracy/ IPR theft, etc. and increasingly, the monies so obtained are becoming linked with terror financing. The idea behind laundering the money is to move it around, through various systems so many times that it becomes difficult to trace its origins and make it appear to have been earned from legitimate sources. According to anti-money laundering (AML) experts, the use of shell companies with partly legitimate business interests is rising.
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