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The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned Russian oligarchs, and corrupt officials have illegal luxury properties in Dubai.
The European parliamentarian members have proposed to blacklist the United Arab Emirates as the investigation of “Dubai Uncovered” leaks has unveiled revelations of criminals, Russian politicians, sanctioned oligarchs and corrupt who have illegally invested their ill-gotten money into luxury properties in Dubai.
Last week, OCCRP and other 20 investigative journalists played an integral part in uncovering these illicit crimes. Based on a 2020 leak by the Center For Advanced Defense Studies (C4ADS), the “Dubai Uncovered” investigation has drawn the attention of the EU politicians about the implementation of tougher anti-money laundering (AML) measures to be taken by the UAE, lest the elective monarchy face sanctions on par with countries like North Korea.
Luxury villas and apartments were disclosed in the Dubai Uncovered revelations that were owned by drug smugglers and corrupt officials. Investments in the Dubai real estate market were also found made by several Russian oligarchs.
The UAE Embassy in Oslo commented in this regard to the Norwegian outlet E24 that the accusations made about the Dubai property ownership are totally imprecise. Further exertion was shown on how UAE strictly stays in compliance with the regulatory measures for preventing financial crimes.
EU parliamentarian Markus Ferber from the European People’s Party (EPP) while contradicting the statement said “United Arab Emirate has very loose anti-money laundering (AML) provisions as it has once again been made clear by the “Dubai Uncovered” investigation.”
Ferber, a deputy financial policy spokesperson of the European parliamentary subcommittee on tax affairs, stated “The next time the European Union revises its sanctioned countries list, they must overlook the UAE as it poses a strong case which cannot be avoided for putting UAE on that list”.
Support was drawn from the lawmakers of the Green and Social Democrats, as well as Liberal MPs on the “Dubai Uncovered” revelations for blacklisting UAE and taking immediate action for dealing with this matter while submitting a letter to the EU Commissioner for Financial Stability Mairead McGuinness last Wednesday.
Suggested Read: UAE Central Bank Issues New Anti-Money Laundering Guidelines
