Exactly, the whole "NON-CRS" thing and etc will fall apart with time. Better to have a bulletproof setup in place.In terms of business and taxation (the most common topics discussed here), it shouldn't be a problem for anyone on the list provided that they actually live in UAE. It's unfortunate to have one's data leaked, though.
For the rest, this is why you and your structures shouldn't rely on secrecy or non-compliance.
For UAE, they are already on the FATF-GAFI grey list so probably not much changes there. Depending on how severe it is (I haven't read very closely yet), I suppose this might push EU and others to put UAE on similar lists or take other punitive actions that will affect UAE's reputation and possibly finances.
It's also worth taking these kind of articles with a pinch of salt. Journalists often fail to understand the full picture of what they report on. OCCRP and its reporting is competent but not flawless.
Yup. Because of a few politicans lets expose thousands of people's private data! Hooray journalism!Bla bla bla.
"Many of them are residents or legitimate investors. But reporters identified numerous owners of "Dubai" real estate who have been accused or convicted of crimes or are under international sanctions. Others are public officials whose ownership of pricey properties is difficult to square with their known incomes."
Replace Dubai with London, Paris or whatever Metropol - the context of the text remains the same.
Meanwhile in Germany
https://www.dw.com/en/berlin-prosecutors-confiscate-lebanese-mafias-properties/a-44742961
OMG how could that happen in such a regulated and high tax environment like Germany .....
Panama has been facing even worse attacks like gray, black and pink lists, leaks, banking bans and the whole woke shaming for years and still people immigrate there today and the place still stands.The first warning shot on the crackdown on Dubai has been fired .
Because they are a competitor to the US and EUPanama has been facing even worse attacks like gray, black and pink lists, leaks, banking bans and the whole woke shaming for years and still people immigrate there today and the place still stands.
But the results desired by the OECD countries were achieved. For the most part, foreigners can forget opening a Panama bank account. For those who do, a full proctology exam is required. Panama banking is a hollow shell of its former glory.Panama has been facing even worse attacks like gray, black and pink lists, leaks, banking bans and the whole woke shaming for years and still people immigrate there today and the place still stands.
Look at Russia They are still doing business as usual.
Wait, what? It is a petro-state. Let's not confuse oil-economies with real economies.It has real economy.