A man in Qatar was arrested on charges of money laundering and investment activities without a license.
The ministry of interior announced the arrest of a man on charges of money laundering and engaging in investment and financing activities without licenses from authorities.
Large sums of cash in foreign currencies and expensive cars, such as Lamborghinis and Mercedes, were found in the man’s residence.
The Economic and Cyber Crimes Department at the General Directorate of Investigation arrested an Asian on charges of engaging in investment and financing activities without obtaining the required licenses from the competent authorities in the country. #MoIQatar pic.twitter.com/oixNS36qYJ
— Ministry of Interior (@MOI_QatarEn) September 23, 2021
Among other items seized were luxury handbags and watches from high end brands like Chanel and Rolex. Several investment contracts and expensive residential units were also found in the man’s possession.
During the interrogation, the man confessed to the accusations. He has been referred to the Public Prosecution to complete its procedures on charges of practising financial activities without licenses and money laundering.
According to Qatari law, no financial services or business activities stipulated in this Law and its implementing resolutions shall be delivered or conducted without a license from the bank.
Culprits can receive financial penalties of up to QAR 100,000,000 for anti-money laundering or terrorism financing.