The United Arab Emirates and Sweden have arrested seven people in a joint operation targeting a Sweden-based criminal gang accused of laundering more than $7m in cryptocurrency.
The operation detained the alleged leader of the laundering network in the UAE, after the individual fled Sweden and became the subject of an Interpol red notice. Six other suspected members were arrested in Sweden at the same time.
The UAE Ministry of Interior did not release the names of those detained.
Investigators said the group used cryptocurrency to transfer and conceal money generated through organised crime and other illegal activities. Authorities also found links between the network and contract killings.
“The tracing of cryptocurrency transactions and analysis of digital evidence also helped uncover financial links to other criminal activities, including organized crime and contract killings,” UAE authorities said.
The findings indicate that cryptocurrency may have been used in exchanges connected to murder-for-hire activity, although the authorities did not provide further details.
Brigadier Abdulaziz Al Ahmad, Director General of the Federal Criminal Police at the UAE Ministry of Interior, praised the cooperation between the two countries. He said the exchange of information had been essential in identifying and pursuing international criminal networks.
“In cooperation with its international partners, the UAE will continue to track criminal networks, disrupt their sources of financing, and take legal action against anyone seeking to exploit the country’s territory for criminal activities,” he said.
Anders Wiberg, Police Commissioner and Head of the International Division of the Swedish Police Authority, thanked the UAE for its role in the investigation.
He expressed his “sincere gratitude to the UAE authorities for their valuable cooperation and support” following the outcome of the operation.
The arrests form part of the UAE’s National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy includes efforts to address the risks associated with virtual assets and the rapid development of cybercrime.
Separately, the Swedish Tax Agency ordered six cryptocurrency mining entities to pay approximately $56.5m in back taxes and penalties.
