Worldcrunch
The “Dubai Unlocked” investigation has revealed how criminals from around the world invested in the UAE to launder dirty money and escape authorities. The local authorities are often complicit in the scheme, an opportunity that has been exploited by the Camorra — as the Neapolitan mob is called.
Hit with Western sanctions, Russian oligarchs are racing against time to relocate their assets to tax havens. They turn to private banks where transactions, opaque as they are in the UAE for instance, make it almost impossible to trace funds.
While most attention has been devoted to the VIPs and politicians cited in the leaked documents of the Panama shell-company firm, most of the people turning to tax havens look much more like you and me.
The Caribbean island says its financial system is all aboveboard, yet it remains a gateway to less scrupulous offshore havens like the Cayman Islands.