Dubai and money laundering are there any connections – example 4 - the Russian Laundromat
In 2014, the Organized Crime and Corruption Reporting Project (OCCRP) broke the story of the Russian Laundromat: a system to move over US$20 billion out of Russia, legitimising the funds by putting them in the hands of shell companies, then moving the money to 5,140 other companies in 96 countries.
At least 150 companies in the UAE received funds from the Laundromat.
Another investigation linked to the scandal shows that many of these companies seem to have been set up only to receive the funds and ceased to exist afterwards. While the names of these companies allegedly involved are known, the final beneficiaries remain a mystery.
A wide variety of banks were used in the scheme - spanning the UK, Denmark, Sweden, Slovenia and Estonia - and the UAE proved to be another key jurisdiction through which to launder the proceeds.
One prominent example is Emirates NBD, responsible for suspicious bank transfers worth US$357 million.
Abu Dhabi Commercial Bank (ADCB) also allegedly made bank transfers connected to the Laundromat worth more than US$26 million.
Source - A recent report into attempts by the United Arab Emirates to combat money laundering and terrorist financing is damning, to say the least. - https://www.transparency.org/en/news/the-united-arab-emirates-a-key-piece-in-the-global-money-laundering-puzzle
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email firstname.lastname@example.org.