Nigeria have been tag as one of the major countries whose citizens use Dubai, capital of United Arab Emirates (UAE), to launder proceeds of corruption and other illicit financial activities, new report says.
The authors are eight globally renowned anti-money laundering (AML) and financial crime specialists. They include Policy Director for Global Financial Integrity (GFI), Lakshmi Kumar, and Associate Fellow, Chatham House, and non-resident scholar, Carnegie Endowment for International Peace, Matthew Page, and a Fellow of the United Kingdom-based Centre for Democracy and Development (CDD).
Jodi Vittori, is also a non-resident scholar in the Democracy, Conflict and Governance programme, an expect on the linkages of corruption, state fragility, illicit finance and United State nation security.
According to report GISTHUBCITY gather, Majority of financial business and some real estate transactions in Dubai are not included with illegal activity, but what make the prosperity is a steady stream of illicit, drug trafficking, fraud proceeds from corruption and crime. It adds that the foremost obstacle to reduction of Dubai’s problematic role is its economic dependence on illicit financial flows.
The criminal actors from around the globe operate through Dubai, like, “Afghan warlords, Russian mobsters, Nigerian kleptocracy, European money launderers, Iranian sanctions-busters, and East African gold smugglers, all find Dubai a conducive place to operate.”
A Nigerian citizen, Ramon Olorunwa Abbas known as “Hushpuppi”, was recently arrested in Dubai for alleged money laundering and cyber fraud and his facing trial in the United State. also Dubai’s property market is a magnet for tainted money.
Dubai is built to attract foreign buyers, the emirate is dominated by towers of upscale flats and man-made islands studded with luxury villas. Report says Property developers and real estate agents accept huge sums from politically-exposed persons – individuals entrusted with a prominent public function, as well as their families and associates – and other suspicious buyers.” international law enforcement agencies find it hard to acquire information and solicit cooperation from Emirate authorities.
As we all know that wealth has helped to fuel the emirate’s booming real estate market; enrich its bankers, money changers, and business elites; and turn Dubai into a major gold trading hub.
The report states that the central government of the UAE, Dubai officials, and Emirate law enforcement agencies largely possess the technical knowledge and capacity to tackle these challenges. It points out that Emirate regulators, officials, and law enforcement agents are aware of how Dubai is being used as a conduit for illicit financial transactions, noting, “This is a feature, not a bug, of Dubai’s political economy.”