Has money laundering contributed to the UAE's vast wealth?
In 2018, Dubai, one of the seven Emirates comprising the UAE and the financial heart of the Gulf country, wasOther groups like Transparency International, an anti-corruption advocacy group, also pointed to the problematic nature of the UAE’s lax or non-existent relations. : “Dubai has become an active global hub for money laundering … where the corrupt and other criminals can go to buy luxurious property with no restrictions.
The Emirati economy operates under a virtually tax-free structure allowing organised crime syndicates, individuals and companies to park dark money in the Gulf state and to wash it by buying expensive properties, cars, private jets and yachts among others,The UAE attracts a lot of investment, some of which was obtained illegally, which contributes to the Gulf state’s GDP increases, according to Stone.
"The permissive nature of this environment has global security implications far beyond the sands of the UAE. In an interconnected global economy with low barriers impeding the movement of funds, a single point of weakness in the regulatory system can empower and enable a range of global illicit actors," the report said.
The report designated some high-profile figures like Rami Makhlouf, a cousin of the Syrian regime leader Bashar al Assad, whose brutal rule has been opposed by the UAE, as people buying real estate in Dubai’s famous man-made archipelago of Palm Jumeirah.
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