Int. UAE Boycott Campaign: IMF and World Bank must impose sanctions on UAE due to Dubai money Laundering activities

Oct 30 2018
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International Campaign to Boycott UAE (ICBU) call on International Monetary Fund, World Banka and leading International Finance organisations to take effective measures to prevent the ongoing activities of money laundering gangs in United Arab Emirates. The current activities are alarming and immediate action should be implemented to contain the rise of the illegal activities.

The campaign added that Criminal Drug gangs affiliated to the Cartel, Terrorist groups from Afghanistan and Iran are using Dubai as hub for their activities.

“We are worried about recent reports which confirmed our previous calls that Dubai is the real safe haven of money criminal activities. We have issued many statements about the activities of terrorist afghani elements in Dubai. We also issued publications and fact sheets early in 2018 detailing the support of UAE to international terrorism” said the spokesmen of the campaign.

Campaign spokesman Henry Green added, IMF and World Bank must act by imposing sanctions on UAE such as restrictions on large transactions and even and resection on lending UAE banks.

He added that Dubai is now the most favourite spot to buy real estate by drug lords and gangs in addition to terrorists.

A report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai’s real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand.

The report identified Dubai properties owned by Hassein Eduardo Figueroa Gomez, a Mexican national indicted in the U.S. for importing mass quantities of chemicals needed to make methamphetamine. It also identified properties owned by two Iranians previously sanctioned for their work on Iran’s missile program.

In Pakistan, authorities believe citizens invested $8 billion in Dubai’s property market over four years, possibly to evade taxes, officials said in 2017. Alleged Australian drug kingpins arrested in Dubai last year also owned real estate in the city, while the governments of Nigeria and South Africa also have launched investigations into alleged money laundering involving Dubai.

The U.S. State Department as recently as this year issued a warning about money laundering in the UAE in its annual International Narcotics Control Strategy Report, noting the country’s money-exchange shops can allow for “bulk cash smuggling.” The UAE’s economic free zones, real estate sector and its trade in gold and diamonds also pose risks.