DUBAI REAL ESTATE LABELLED AS MONEY-LAUNDERING HAVEN IN NEW REPORT

CTV News in Canada on 12th June reported that a report by the Washington-based Center for Advanced Defence Studies (C4ADS), relying on leaked property data from the city-state, which offers evidence about Dubai’s real-estate boom.  It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the UAE, where foreign ownership fuels construction that now outpaces local demand.  The article notes that the US State Department issued a warning about money laundering in the UAE in this year’s annual International Narcotics Control Strategy Report, noting the country’s money-exchange shops can allow for “bulk cash smuggling”.  The UAE’s economic free zones, real estate sector and its trade in gold and diamonds are also said to pose risks.  The article identifies a number of names from the report – including President Assad’s cousin, a major drugs smuggler and Lebanese businessmen subject to US sanctions for links to Hezbollah.

https://www.ctvnews.ca/world/dubai-real-estate-labelled-as-money-laundering-haven-in-new-report-1.3969611?src=ilaw

The report is available at –

https://c4reports.squarespace.com/sandcastles

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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