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27 December, 2005

Very dirty laundry

Billions of dollars are laundered in Dubai every year, through organised crime such as arms smuggling, drugs smuggling and prostitution, according to Dubai police expert Laurence Al Moalim:

"Though mainly European, the offenders belong to other parts of the world too. No UAE national has so far been convicted of these crimes. Dubai and Bahrain used to be transit points for launderers," he added.

Dubai's "attractive" financial structure is partly to blame, with its tax-free status. A thriving hawala system, due to a huge population of low-wage Asian expats, also facilitates the transfer of black funds, as does the emirate's famous gold souq.

As Al Moalim and even the CIA note, Dubai and UAE Federal authorites are making efforts to fight money laundering. But the country's strategic location, and historical status as a trading hub, make it vulnerable:

But Dubai also serves as the region's criminal crossroads, a hub for smuggling, money laundering, and underground banking. There are Russian and Indian mobsters, Iranian arms traffickers, and Arab jihadists. Funds for the 9/11 hijackers and African embassy bombers were transferred through the city. It was the heart of Pakistani scientist A. Q. Khan's black market in nuclear technology and other proliferation cases. Half of all applications to buy U.S. military equipment from Dubai are from bogus front companies, officials say. "Iran," adds one U.S. official, "is building a bomb through Dubai."

Dubai authorities and the new DIFC have a tough battle ahead.

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6 Comments:

Blogger Balushi said...

Everything is fine here no problems, sun is shinning and no complaints!


lalaalaalala la!

27 December, 2005 10:45  
Blogger humblemuslimah said...

I think America should clean up their act before critcising other nations. They went to war on false allegations . The Cia were into selling arms illegally and drugs for that matter.

Dubai is only a small drop in the ocean besides the larger crimes of larger nations not that I am condoning them.

27 December, 2005 11:26  
Blogger Balushi said...

Humblemuslimah, America is a devil! but a good devil...! It will humilitate you and then later compensate you!


America is a free country and freedom is the word on the road.


say the word freedom in arab country and next thing no one knows where you have perished.

Thats why! even if we muslims or arabs speak the truth STILL noone will trust us!

on the other hand, america will lie openly and still everyone will believe them!


THATS ALL BELONGS TO THE BEAUTY OF FREEDOM AND DEMOCRASY.

27 December, 2005 11:48  
Blogger sheikha cheryl said...

How did this get to be about the US, when the discussion started out about money laundering in Dubai?

America will never clean up it's act, congressmen become evil as soon as they get to Washington. We're all doomed.

27 December, 2005 15:05  
Anonymous Anonymous said...

was JFK gay ?

18 March, 2007 10:34  
Anonymous Anonymous said...

i think ha was

31 January, 2010 11:47  

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