Press Release: Money Laundering in Dubai

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London, 9th July 2019

The Tactics Institute for Security and Counter Terrorism supports calls for investigations to take place into money laundering in Dubai.

A recent report released by the Center for Advanced Defense Studies (C4ADS) shone a light on Dubai’s role as a safe haven for money launderers, with some of the money invested in the Emirate suspected of coming from illicit activities including drug trafficking and terrorism.

Leaked property data included in the C4ADS report revealed $100 million of suspicious investments in Dubai, a city-state that facilitates investors to operate with a high degree of secrecy and anonymity.

The report outlined a situation in Dubai in which there is a very relaxed investment atmosphere and a lack of checks and due diligence being done into companies bringing money into the economy.

Furthermore, there is no enforcement mechanism to camp down on money laundering, meaning that even those under international sanctions for their links to the Iranian and Syria regimes are able to invest in Dubai. It is relatively to obtain a residency visa for Dubai, which in turn legitimises financial investments.

The Tactics Institute calls for recommendations to be made which would see Dubai be stringent in its identification of what is ‘dirty’ and what is ‘clean’ money.

Tactics is concerned that the current business model in the Emirate, which makes it such an attractive place for investors, is hugely beneficial to the ruling family, making any internal action against money laundering highly unlikely.

 

Tactics Institute for Security and Counter Terrorism is an independent, non-partisan, think tank. Tactics researches terrorism to identify its causes and best possible remedies, always bearing in mind the protection of individual liberties and the human rights of all those affected.

ENDS

 

For more information please contact Tactics Institute for Security and Counter Terrorism at info@tacticsinstitute.com

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