For an extended period, the United Arab Emirates’ financial system has been abused by the Islamic Republic of Iran. Consequently, the system is plagued by various criminal money laundering elements, including cash courier networks ("money mules"), Iranian front companies' networks, and re-export hubs for sanctionable goods.
Documents obtained from one of Iran’s largest trade banks – Tejarat Bank, and its wholly-owned subsidiary, Tejarat Exchange, reveal 41 highly active UAE-based front companies.
Many document show Tejarat Bank instructing payments to different front companies. Neverless, as we have exposed in the past, Egyptian UAE-based Banque Misr remains the major host of Iranian front companies , with almost third of the companies that were identified from the leaked materials having an account at this bank. Banque Misr still has a long way before it’ll lose its notorious title of: “The UAE’s friendliest bank to Iranian front companies”.
Documents for the transfer of some 6 million AED to Ajar Trading L.L.C, a front company used by Khark Petrochemical Company, provided by Refah Exchange.
As we previously demonstrated, It is highly unusual for a UAE-based front company to carry out transaction denominated in USD or EUR, but Tejarat-affiliated companies provide us with a few instances:
Best Kosy Goods Wholesalers LLC and Sakour Trading Co. L.L.C are two examples of non-AED transactions carried out by UAE-based Iranian front companies. A plausible explanation for the small number of non-AED transactions is the higher risk of carrying out transaction with “stricter monitored” currencies, such as USD and EUR, which require a correspondent bank in the U.S. for USD or in the European Union for EUR.
The following table lists basic information about Tejarat Bank and Tejarat Exchange related UAE-based front companies and their account details. The full collection of documents proving the use of the mentioned 41 front companies is attached below for download.
| Number | Company's Name | Bank Name | Bank Account |
|---|---|---|---|
| 1 | Best Kosy Goods Wholesalers LLC | Bank of Baroda | 0050200015328(EUR) |
| 2 | Sakour Trading Co. L.L.C | WIO Bank | AE760860000009119580287(USD) |
| 3 | Vetras Trading L.L.C | Banque Misr<br>Mashreq Bank | AE610150080309100014880(AED)<br>AE890330000019101144754(AED) |
| 4 | Sara Faheem Trading Refined Oil Products Abroad Co. LLC | Emirates NBD | AE480260001015835032201(AED) |
| 5 | Stream Energy FZCO | Emirates Islamic Bank | AE170340003708467824801(AED) |
| 6 | Otranto Petroleum FZE | ||
| 7 | Wavre Trading Co LLC | ||
| 8 | IZY Trading LLC | First Abu Dhabi Bank (FAB) | AE640351191325785010001(AED) |
| 9 | Eucaridge Trading LLC | Dubai Islamic Bank | AE340240097524294312101(AED) |
| 10 | Pennekamp Middle East L.L.C | Banque Misr | AE580150080309100011248(AED) |
| 11 | Orient Falcon General Trading LLC | Abu Dhabi Commercial Bank | AE630410000012143536001(AED) |
| 12 | Hub Tech Trading FZE | MCB Bank | AE120910000022720000017(AED) |
| 13 | Global Alu Steel LLC | Banque Misr | AE160150080309100008221(AED) |
| 14 | Innosight Trading LLC | First Abu Dhabi Bank (FAB) | AE020351191325787899001(AED) |
| 15 | Lyoned Trading LLC | WIO Bank | AE600860000009660312798(AED) |
| 16 | Shodwell Goods Wholesalers LLC | Abu Dhabi Islamic Bank | 18914830 (AED) |
| 17 | Noorlin Trading LLC | Banque Misr | AE670150080309100022823(AED) |
| 18 | Mustani Rubber FZE | Commercial Bank of Dubai | AE170230000001004080352(AED) |
| 19 | Stardust Trading LLC | Banque Misr | 80309100016751(AED) |
| 20 | Rayah Alsaif Trading Co LLC | Banque Misr | 80309100026711(AED) |
| 21 | Beijing Trade FZE | MCB Bank<br>Banque Misr | AE340910000022540000019(AED)<br>AE140150080309100033477(AED) |
| 22 | Bolor Goods Wholesalers L.L.C | Banque Misr | AE180150080309100012841(AED) |
| 23 | Great Mold Trading LLC | Banque Misr | AE570150080309100023779(AED) |
| 24 | Astorga Trading FZCO | Emirates NBD | 1015865482601(AED) |
| 25 | Sisu Goods Wholesalers LLC | First Abu Dhabi Bank (FAB) | 1031324638891003(EUR) |
| 26 | Complete Pack General Trading LLC | Rak Bank | AE390400000332874531001(EUR) |
| 27 | Vineland general Trading LLC | Janata Bank | AE570319321002010002248(AED) |
| 28 | Innovative Polychem FZ LLC | Ajman Bank | 011129****18(AED) |
| 29 | Path Trading Co LLC | Banque Misr | AE530150080309100021911(AED) |
| 30 | Satrab General Trading LLC | Habib Bank Limited | 2012777184XXXX(AED) |
| 31 | Astroil FZE | Abu Dhabi Commercial Bank (ADCB) | 1123190092001(AED) |
| 32 | Tomper Goods Wholesalers L L C | First Abu Dhabi Bank (FAB) | 1031324632501003(EUR) |
| 33 | Elite Trading Co LLC | Banque Misr | AE301500803309100037944 |
| 34 | Fudada FZE | Dubai Islamic Bank | AE740240097524340013901(AED) |
| 35 | Exelcemltd FZCO | Emirates NBD | 101-XXX18XXX-01 |
| 36 | Evondo Trading LLC | First Abu Dhabi Bank (FAB) | AE670351191326118824001(AED) |
| 37 | Ajar Trading LLC | First Abu Dhabi Bank (FAB) | AE230351191326118734001(AED) |
| 38 | Idea Prime Trading LLC | Banque Misr | AE610150080309100023804(AED) |
| 39 | Shantui Construction Machinery FZE | Mashreq Bank | 19000074621 |
| 40 | H Z B A Trading FZCO | First Abu Dhabi Bank (FAB) | AE600351191325828934001(AED) |
| 41 | Najah Trade and Brokerage FZCO | Banque Misr | AE500150080309100007706(AED) |
Download the rest of the documents used for this article here .