An eye-opening international investigation conducted by the Dubai Unlocked collaboration has revealed extensive money laundering in the UAE property market. Utilizing data from various leaks, the investigation has identified alleged criminals, drug traffickers, and corrupt individuals involved in the illicit schemes, including members of Hezbollah and associates of Syrian President Bashar al-Assad.
Notable figures named in the report include individuals linked to Lebanon’s Hezbollah paramilitary group, the cousins of Bashar al-Assad, and sanctioned individuals from Myanmar and Sudan. The investigation also sheds light on the UAE’s efforts to combat money laundering and protect the integrity of its financial system.
Despite being a popular destination for international investors, the UAE has faced long-standing accusations of being a hub for illicit financial activities. The investigation comes at a time when Dubai is actively striving to attract affluent investors, emphasizing the importance of ensuring transparency and legitimacy in the property market.
With the UAE’s recent removal from the FATF grey list, the country’s commitment to combating money laundering is more critical than ever, as it aims to maintain its status as an attractive destination for investment.