Sanctioned parties sinking cash into Dubai real estate, says report
A report generated by a data leak and published by the Organized Crime and Corruption Reporting Project (‘OCCRP’) has exposed how ‘numerous owners of Dubai real estate…are under international sanctions’ and/or include high net worth criminals amongst their numbers.
The data, it said, which dates from 2020 but has been subsequently analysed ‘was obtained by the Center for Advanced Defense Studies (C4ADS), a non-profit organization based in Washington, D.C…It was then shared with Norwegian financial outlet E24, which coordinated an investigation into the real estate.’
The OCCRP said that among the ‘noteworthy figures’ that own Dubai real estate are ‘Alexander Borodai, a sanctioned member of the Russian Duma known for becoming “prime minister” of the self-proclaimed Donetsk People’s Republic during Russia’s 2014 invasion of Ukraine,’ Roman Lyabikhov, sanctioned in March by the US Treasury for being a member of the Russian Duma, and others including a director of the virtual currency exchange SUEX, designated by OFAC in 2021 ‘for its part in facilitating financial transactions for ransomware actors.’
It said that presented with the findings, the UAE’s embassy in Norway described them as ‘factually inaccurate’ and claimed that ‘The UAE operates clear regulatory frameworks that comply with international laws and standards designed to combat financial crime. Dubai Land Department processes and activities are a cornerstone of these efforts.’
The report notes that ‘The United Arab Emirates also does not have an extradition treaty with the European Union, the United States, Germany, or many other countries. In practice, this means wanted criminal suspects can hide out in Dubai to avoid facing justice.’
