Dubai Unlocked, the international investigation into the owners of real estate in Dubai has exposed how Dubai’s real estate market is used to stash ill-gotten money from around the world.
The report, titled ‘How Dirty Money Finds a Home in Dubai Real Estate,’ was put together by journalists from 74 different organisations in 58 countries after an investigation spanning for over six months reveals who owns what in the Middle Eastern financial hub, and how the city has opened its doors to hundreds of people accused of criminality around the globe.
Buy/sell, rent/lease residential &
commercials real estate properties.
Responding to investigation from the OCCRP regarding the Dubai Unlocked data, the United Arab Emirates embassy in Oslo emphasised its strong commitment to safeguarding the integrity of the global financial system.
“The UAE takes its role in protecting the integrity of the global financial system extremely seriously,” the statement from the embassy said.
The embassy further said, “In its ongoing hunt of global criminals, the UAE is working closely with international partners to interrupt and prevent all forms of illegal finance”.
The UAE has also said that it is committed to constant efforts and actions more than ever today and over the longer term.
According to a report, Indian citizens lead among non-residents purchasing properties in Dubai, with 29,700 Indians owning 35,000 properties in the city.
What is Dubai Unlocked?
Dubai Unlocked is an investigation into the owners of real estate in Dubai.
A collaboration that involved 74 media outlets reveals who owns what in Dubai and how the city has opened its doors to hundreds of people with criminal background around the globe.
How Dubai tackled money laundering within its real estate sector?
As per the UAE authorities, real estate agents, brokers, and corporate service providers have stepped up reporting of doubtful transactions, the cumulative amount of fines issued by anti-money laundering authorities has tripled since 2022.
Watch: ‘Dubai Unlocked’ report names top Pakistani lawmakers
In order to hunt global criminals, the UAE works closely with international partners to disrupt and deter all forms of illicit finance.
(With inputs from agencies)
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