Dubai should be blacklisted and face sanctions for sheltering dirty money

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member


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  • A growing number of politicians and activists are calling for Dubai to be blacklisted: The Observer.
  • 8 European Parliament members signed an open letter to a European Commissioner demanding sanctions.
  • The Financial Action Task Force watchdog put Dubai on its 'gray' earlier this year.
Politicians and activists are calling for Dubai and the United Arab Emirates to be blacklisted over its failure to observe sanctions against Russian oligarchs and stem the flow of dirty money flowing through the UAE.

Western countries including the US and UK hit Russia with stringent sanctions in February after Russia invaded Ukraine. This prompted some oligarchs to flee to Dubai and buy properties in the UAE.

"Dubai has long been a safe place for dirty money. It should now be put on financial blacklists and its leaders shouldn't be welcome [in Britain]," Bill Browder, a campaigner and critic of Vladimir Putin, told Britain's The Observer newspaper.

Browder joins a growing list of politicians and activists who have called for sanctions against the UAE. Last month a group of European Parliament members signed an open letter to European Commissioner Mairead McGuinness calling for the UAE to be blacklisted.

"How many scandals will it take before Dubai gets on the EU money laundering list?" asked Kira Peter-Hansen, one of the MEPs to sign the open letter, in a tweet on May 11.

The letter came after news reports that the UAE is a safe haven for Russian oligarchs who took their private jets and yachts to places such as Dubai in an attempt to escape western sanctions.

"It is clear that the UAE facilitates money laundering at a grand scale," the letter stated. "This is highly damaging to the EU and cannot be tolerated."

The Financial Action Task Force, a global financial crime watchdog, placed the UAE on a "gray" list in March to monitor its activities and encourage stronger action against money laundering.

An investigation and data leak in Mayt from the Organized Crime and Corruption Reporting Project (OCCRP) in May exposed how sanctioned individuals have poured money into Dubai.

The Dubai Financial Services Authority did not immediately respond to Insider's request for comment.

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KDX

OffshoreCorpTalk Addict
Entrepreneur
Oh man the EU... who would've guessed.. I guess they should also sanction Qatar for hate speech for not allowing LGBT flags in the world cup right? Why does the EU think it can start policing other countries now when it has a huge mess on its own hands? I'm actually getting a taste of life outside the EU right now and I'll just say this: not bad at all :cool:

THey already to blacklisted the Russia. What is the outcome ??
It's like saying "sending thoughts and prayers" they can say that they have done "something"
 

azb1

Mentor Group Gold
“Somewhere Europe has to grow out of the mindset that Europe’s problems are the world’s problems but the world’s problems are not Europe’s problems. That if it is you, it’s yours, if it is me it is ours. I see reflections of that,”
You can watch full Interview here
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

Yeah I watched that already thu&¤#. Never a truer word spoken. EU going after Dubai doesn't sit well with me. But I have said for years on here the EU will clamp down on Dubai and maybe they got the perfect excuse. Whether the clamp down will manifest as tougher checks on money coming and going to Dubai by EU banks who knows.

I would advise anyone in Dubai to have a plan B in case blacklisting does happen in some shape or form. Every decision related to Russia is driven of emotion....accept total ban on Russian natural gas supplies into EU off course ;).
 

JackAlabama

Entrepreneur
Damn I hate this world. Can someone invent a Time machine and get me back 50 years please!
Yah, me too. We must have done some horrible stuff in a past life to be doomed to live thru this poo poo. ;)

Yeah I watched that already thu&¤#. Never a truer word spoken. EU going after Dubai doesn't sit well with me. But I have said for years on here the EU will clamp down on Dubai and maybe they got the perfect excuse. Whether the clamp down will manifest as tougher checks on money coming and going to Dubai by EU banks who knows.

I would advise anyone in Dubai to have a plan B in case blacklisting does happen in some shape or form. Every decision related to Russia is driven of emotion....accept total ban on Russian natural gas supplies into EU off course ;).
That might not happen if UAE sells them oil and gas. ;)
But its never bad to have a plan b and banking in the eu is something I to tread with caution anyway due to the euro.
 

Silvio

Entrepreneur
Nothing new here. Every few years a new popular tax-free destination appears, people flock to it, then authorities clamp down.
There are always solutions, one just needs to adapt and go onto the less beaten path. If you're doing whatever everybody you will be hurt.
 

Bill D

Silver Member


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Would that have any consequence on retail traders who setup in the uae ?
Does it mean closure of all EU bank account and that all EU brokers cannot be accessible anymore to uae resident ?

I see some countries like Vanuatu or Panama are already on that list, but still some trader setup there, I assume this does not affect much day traders ?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Would that have any consequence on retail traders who setup in the uae ?

Yes

Does it mean closure of all EU bank account and that all EU brokers cannot be accessible anymore to uae resident ?

Depends on the detail but yes.

I see some countries like Vanuatu or Panama are already on that list, but still some trader setup there, I assume this does not affect much day traders ?

Are they using EU banks or brokers to be affected by it?
 

fortunespeculator

Entrepreneur
So if EU continues to blacklist so many countries ,why wont these blacklisted countries join hands and ban EU.
There is a limit to BS from EU to be tolerated.As the survival of these countries depend on tourism income and all gray income anyway.
 

JohnnyDoe

Mentor Group Gold
So if EU continues to blacklist so many countries ,why wont these blacklisted countries join hands and ban EU.
There is a limit to BS from EU to be tolerated.As the survival of these countries depend on tourism income and all gray income anyway.
Because the EU is irrelevant and nobody cares about its rants.
 
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