موقع إخباري يهتم بفضائح و انتهاكات دولة الامارات

European sanctions against the UAE for money laundering and terrorist financing crimes

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European diplomatic sources revealed to the European Microscope on Middle East issues that the European Union intends to impose sanctions on the UAE and include it on its blacklist for money laundering and terrorist financing.

The Reporting Project on Organized Crime and International Corruption said that the expected European step would include the UAE with countries such as North Korea, Iran and Burkina Faso.

After reports and investigative reports, many European Union member states submitted the proposal that the Russian oligarchs fleeing Western sanctions because of the war on Ukraine had sought refuge in the Emirates.

A European investigation into money laundering crimes in the UAE revealed that about 800,000 properties in Dubai are linked to dirty money for money laundering crimes.

The Dubai Uncovered investigation, based on a leak conducted by an American think tank in 2020 of the housing market in the emirate, sparked calls from politicians in the European Union to take stricter measures to combat money laundering by the UAE.

Among what was revealed by Dubai Uncovered are luxury villas and apartments in Dubai owned by drug traffickers and suspected corrupt officials.

Under sanctions, several Russian oligarchs have also invested their fortunes in the Dubai real estate market.

The data was obtained by the Center for Defense Advanced Studies (C4ADS), a US think tank made up of former US officers and academics that investigates international crimes and conflicts.

The investigation confirmed that since the outbreak of war in Ukraine on February 24, the fear that the Russian oligarchy would transfer their wealth to Dubai.

In early March, the global anti-money laundering authority FATF placed Dubai on the grey list of countries that have requested that their loopholes be filled in the fight against dirty money.

The investigation showed that Dubai’s luxury real estate sector is a significant factor in money laundering, which dominates the larger mystery.

This unpublished cadastral data dated 2020 served as the basis for the collaborative investigation Dubai Uncovered, bringing together twenty international media outlets under the auspices of Norwegian financial media E24.

European Parliament Member Marcus Ferber of the European People’s Party (EPP) said: “Dubai Uncovered confirms that the UAE has extensive anti-money laundering provisions.”

“Given that Dubai is an important financial centre, such shortcomings may also have implications for other jurisdictions such as the European Union,” he added.

He continued, “If politicians are left unchecked, they fear that the scale of money laundering seen in the UAE, in conjunction with the country’s lax anti-money laundering regulations, could harm Europe’s ability to combat organized crime and corruption.”

“At the end of the day, our defence against money laundering is as strong as the weakest link in the chain, so we need to hone our tools to defend against money laundering,” Verbez emphasized.

Although the final figure is still unknown, leaks have revealed that more than $30.6 billion has been channelled through the emirate’s real estate market by European citizens and companies.