News

Dubai and money laundering are there any connections – example 6 =   IMDB

25/08/2020

More than US$4 billion is estimated to have been embezzled from 1 Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund that was meant to boost the country's economy through strategic investments.

Through a network of shell companies and layers of transactions, billions of dollars of development money were allegedly spent on luxury real estate in New York, paintings and gifts for celebrities, among other things.

At the centre of the scandal is the former Prime Minister of Malaysia, Najib Razak, currently on trial over his alleged role in the affair.

Malaysian anti-corruption officials have released audio recordings in which Razak allegedly asks the crown prince of the UAE, Sheikh Mohammed bin Zayed al-Nahyan, to help fabricate a loan agreement to cover up the embezzlement of funds from 1 MDB. https://www.theguardian.com/world/2020/jan/08/1mdb-scandal-malaysias-former-pm-asked-uae-to-fake-evidence

In a place where money laundering and corruption appears to be part of the business model, it sadly comes as a little surprise for high-level political figures to appear in such scandals.

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