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S&Ds on the ‘Dubai Uncovered’ money laundering scandal: The United Arab Emirates must immediately be blacklisted by the EU

Date

06 May 2022

Sections

Global Europe

The ‘Dubai Uncovered’ revelations have exposed large scale money laundering and corruption through Dubai property that involves Russian oligarchs close to the Kremlin, and other persons convicted of crimes. This is yet another reminder that the European Union should put the United Arab Emirates on the list of high-risk third countries, urged the S&Ds in their reaction to the revelations reported by the media.

Jonás Fernandez, S&D coordinator on the economic affairs committee, said:

“The United Arab Emirates are on the grey list of the Financial Action Task Force, a global money laundering watchdog, since March this year. The international watchdog has detected strategic deficiencies in the country’s system to counter money laundering, terrorist financing, and proliferation financing.

“On the basis of these conclusions, the European Commission should trigger the blacklisting in the EU. However, in this case, it has not yet happened. Such delays are intolerable, as this practice is extremely damaging to the European Union, in particular to the integrity of our financial system.

“As a well-known haven for illicit money, the Emirate protects corrupt politicians and businessmen throughout the world, including Russian oligarchs. By doing so, it is also helping the regime in the Kremlin to circumvent the global sanctions and to wage war against Ukraine. This should be stopped immediately. The United Arab Emirates must be blacklisted without further delay.”

 

 

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