Banks and real estate in Dubai: the shortest ways to launder money

A look at the history of banks in the UAE and their current state, especially regarding money laundering operations and financial crimes, completely changes the picture, showing that this country is financially fragile and has faced a major crisis related to this issue that continues to this day. According to experts, an undeniable portion of the UAE's financial system assets is linked to illegal operations, such as laundering income derived from drugs and arms. A report published by "The Clever" website last May stated that Dubai suffers from corruption.

Most countries have restrictions on the amounts of hard currency that can be brought into the country as part of the fight against money laundering, but this situation is different in Dubai. The report also notes that in 2009, the Vice President of Afghanistan, Ahmed Zia Massoud, entered Dubai with $52 million in cash. American officials considered this an unusual event. However, Dubai authorities did not inquire about the source of this cash flow.

News and reports regarding illicit transactions in the UAE banking and real estate system abound. A report by the U.S.

A report titled "The Dark Sides of Dubai," published by The Guardian in 2010, discusses money laundering operations in Dubai. It claims that an Indian billionaire, suspected of being one of the largest money launderers in the world, was arrested in Delhi while considering bail in Dubai, where most of his vast empire was located, and was accused of moving hundreds of millions of dollars to drug lords. However, Dr. Christopher Davidson, an expert on Gulf economies at Durham University, says, "The arrest of Jain was a significant event, but many wanted individuals live in Dubai."

According to reports, Dubai is linked to suspicious income generated from drug production in South-West Asia. Other vulnerable points for money laundering in the UAE include real estate and the improper use of international trade in gold and diamonds.

The added data on financial fraud also pertains to various countries, including Pakistan and Russia. At the end of last year, four individuals and their companies from Pakistan and the UAE were blacklisted in the US for their alleged connections to an organization accused of laundering money for drug lords and criminal groups, and for misappropriating stolen funds intended for food and medical care, as well as bonuses for the Nigerian armed forces.