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EU CONSIDERS BLACKLISTING UAE AFTER ‘DUBAI UNCOVERED’ LEAKS

 * 
 * Published: 17 May 2022
 * * 
   * Written by Henry Pope

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Following revelations of how criminals, sanctioned Russian oligarchs, and
corrupt officials are big property investors in Dubai, European Parliament
members have suggested that the United Arab Emirates should be blacklisted in
the same manner as North Korea, Burkina Faso and Iran.

The United Arab Emirates should be blacklisted for supporting Russian oligarchs,
the members of the European Parliament suggested. (Photo: Rawpixel, License)Last
week, OCCRP and investigative journalists from 20 other outlets uncovered how
Russian politicians, sanctioned oligarchs, and criminals have poured their
ill-gotten gains into luxury properties in Dubai.

The ‘Dubai Uncovered’ investigation, based on a 2020 leak by the Center For
Advanced Defense Studies (C4ADS) into the emirate’s housing market, has drawn
calls from EU politicians for tougher anti-money laundering measures to be taken
by the UAE, lest the elective monarchy face sanctions on par with countries like
North Korea.

Amongst the Dubai Uncovered revelations were luxury villas and apartments in
Dubai owned by suspected drug smugglers and corrupt officials.

Multiple sanctioned Russian oligarchs were also found to have invested their
fortunes through Dubai’s real estate market.

When reached for comment, the UAE Embassy in Oslo stated to the Norwegian outlet
E24 that “the allegations made with regard to Dubai property ownership records
are factually inaccurate. The UAE operates clear regulatory frameworks that
comply with international laws and standards designed to combat financial
crime.”

EU lawmakers, however, were less than inclined to believe that particular side
of the story.

“Dubai Uncovered confirms once again that the United Arab Emirates have very
loose anti-money laundering provisions in place,” said EU parliamentarian Markus
Ferber from the European People’s Party (EPP). “Given that Dubai is a
significant financial hub, such deficiencies might also have implications for
other jurisdictions such as the European Union.”

The EPP is composed of center-right parties in the European Parliament and is
its largest group. Ferber, a financial policy spokesperson, sits as deputy chair
of the parliamentary subcommittee on tax affairs and has led a long career in
Germany’s Christian Democratic Union party.

Reviewed and revised at regular intervals, the Union maintains a list of
sanctioned countries that must contend with additional banking control measures
as well as restricted access to Europe’s financial systems.

“I do think that the European Commission should have a very close look at the
UAE the next time it revises the list. There is definitely a strong case for
putting the UAE on the list”, said Ferber.

Left unchecked, politicians fear that the scale of money laundering seen in the
UAE, in conjunction with the country’s lax anti-money laundering regulations,
could compromise Europe’s ability to counteract organized crime and corruption.

“Ultimately, our own defense against money laundering is only as strong as the
weakest link in the chain, and that is why we need to sharpen our tools for
defense against money laundering,” said Ferber.

The Dubai Uncovered revelations also managed to draw support from the other side
of the aisle in blacklisting the UAE.

Liberal MPs, as well as lawmakers from the Green and the Social Democrat
parties, submitted a letter last Wednesday to EU Commissioner for Financial
Stability Mairead McGuinness calling for immediate action.

“One week ago, The Dubai Uncovered revealed yet another example of how the
United Arab Emirates is a notorious safe haven for criminal proceeds, corrupt
officials, Russian oligarchs and ultra-high net worth individuals,” said Green
Party member Kira M. Petter-Hansen from Denmark. “It is clear that the United
Arab Emirates facilitates money laundering at a grand scale. This is highly
damaging to the EU and cannot be tolerated.”

Though the final figure remains unknown, the leaks have so far uncovered more
than US$30.6 billion funneled through the emirate's real estate market by
European citizens and companies.




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oligarchs dubai uncovered c4ads


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