Report describes Dubai real estate as moneylaundering…

Report describes Dubai real estate as moneylaundering...

DUBAI, United Arab Emirates (AP) – A new report alleges war profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai’s real-estate market as a haven for their assets.

The report released Tuesday by the Washington-based Center for Advanced Defense Studies relies on leaked property data from the city-state.

It 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.

FILE – In this Sept. 22, 2015 file photo, laborers work at a construction site at the Palm Jumeirah, in Dubai, United Arab Emirates. A new report released Tuesday, June 12, 2018, by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, described Dubai’s real-estate market as a haven for money launderers, terror financiers and drug traffickers sanctioned by the U.S. in recent years. Officials in Dubai said they could not comment on the report. (AP Photo/Kamran Jebreili, File)

The government-run Dubai Media Office says it can’t comment on the report.

 

News Source DailyMailsNews

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