Illicit funds generated by drug trafficking, war profiteering and other criminal activities are being used extensively to purchase properties in the UAE a new report alleges.
The report follows warnings from the US that trade-based financial crime in the emirate of Dubai’s gold and diamond sectors generates substantial illicit funds.
The report by the Washington-based Centre for Advanced Defence Studies, relies on leaked property data from the UAE and offers evidence apparently showing the channelling of illicit funds into the emirates’ real-estate sector.
Investigators reckon to have found around US$100 million in suspicious purchases of apartments and villas across the UAE.
The report alleges that Dubai has a “high-end luxury real estate market and a lax regulatory environment prizing secrecy and anonymity above all else.”
Gold smuggling from Dubai to India in particular has posed a serious risk since the collapse of its lucrative pearl industry a century ago.
Categories: Trade Based Financial crimes News