DUBAI’S ROLE IN FACILITATING CORRUPTION AND GLOBAL ILLICIT FINANCIAL FLOWS

On 7 July, the Carnegie Center published this report which describes Dubai as an enabler of global corruption, crime, and illicit financial flows, but says that addressing the emirate’s role presents anti-corruption practitioners, law enforcement agencies, and policymakers with particularly complex challenges.  It says that both its leaders leaders and the international community continue to turn a blind eye to the problematic behaviours, administrative loopholes, and weak enforcement practices that make Dubai a globally attractive destination for dirty money. It says that corrupt and criminal actors from around the world operate through or from Dubai giving as examples Afghan warlords, Russian mobsters, Nigerian kleptocrats, European money launderers, Iranian sanctions-busters, and East African gold smugglers.  It says that Dubai’s property market is a magnet for tainted money, with Dubai also a place to launder artisan-mined gold, especially from conflict-prone regions. It says that, with approximately 30 free trade zones, it is a haven for trade-based money laundering, over- and under-invoicing of goods, multiple invoicing, and falsifying of other trade documentation. – with minimal regulatory oversight or customs enforcement.

https://carnegieendowment.org/files/PageVittori_DubaiCorruption_final.pdf

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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