May 3, 2022
The Bottom Line Up Front

In 2022, C4ADS partnered with a coalition of journalists and scholars in 19 countries across the world to enable their independent investigations into the vast illicit wealth held in Dubai’s property market.

 

 

Our Coalition In 2022 #

In 2022, we collaborated with a coalition of scholars and journalists from around the world to shed light on the vast illicit wealth held in Dubai’s property market.

  1. C4ADS has worked with a team of the world’s leading experts in tax justice at the University of California, Berkeley and the Norwegian University of Life Sciences (NMBU) to support a groundbreaking paper on Dubai’s role in global patterns of tax avoidance. The paper presents a comprehensive analysis of property ownership in Dubai to estimate the value of aggregate real estate owned by nationality group, and to analyze country-level patterns. Their findings provide new understanding of hidden wealth in one of the world’s largest offshore financial centers.
  2. C4ADS also provided data from our Dubai property database to a consortium of 25 journalists in 19 countries to enable their independent investigations. These examinations have exposed and revealed the overseas holdings of public officials, alleged perpetrators of international crime, sanctions evaders, and more.

Interested in collaborating with us on a project where our data may be useful? Email [email protected].

Publications We Supported in 2022 #

Who Owns Offshore Real Estate? Evidence From Dubai

A. Alstadsæter, G. Zucman, B. Planterose, and A. Økland | May 3, 2022

Source: Alstadsæter, A., B. Planterose, G. Zucman, and A. Økland: Who Owns Offshore Real Estate? Evidence from Dubai. EU Tax Observatory Working Paper #1, May 2022.

C4ADS has worked with a team of the world’s leading experts in tax justice at the University of California, Berkeley and the Norwegian University of Life Sciences (NMBU) to support a groundbreaking paper on Dubai’s role in global patterns of tax avoidance. The paper presents a comprehensive analysis of property ownership in Dubai to estimate the value of aggregate real estate owned by nationality group, and to analyze country-level patterns. Their findings provide new understanding of hidden wealth in one of the world’s largest offshore financial centers.

The takeaways? To clean up its domestic property market, the United Arab Emirates must improve its due diligence standards, transparency, and enforcement. More robust screening for sanctioned individuals and politically exposed persons should be combined with risk-based approaches that go beyond sanctions list. More proactive efforts by law enforcement to stop the inflows of illicit wealth can prevent future property acquisitions by corrupt officials, arms traffickers, money launderers, and other bad actors — thereby improving the UAE’s international legal and financial standing.

Investigating International Crime and Corruption in the Dubai Property Market

C4ADS also provided data from our Dubai property database to a consortium of 25 journalists in 19 countries to enable their independent investigations. These examinations have exposed and revealed the overseas holdings of public officials, alleged perpetrators of international crime, sanctions evaders, and more. See below for a list of news articles we have supported.

Drugs, Fraud and Weapons in Norway: Here are the Properties in Dubai – Eiliv Frich Flydal, Jonas Alsaker Vikan, and Fredrick Chr. Ekeseth (October 22, 2022)

Dubai Uncovered – Eiliv Frich Flydal, Matthew Kupfer, Jonas Alsaker Vikan, and Fredrick Chr. Ekeseth (May 3, 2022)

Other Work We’ve Supported #

How a Playground for the Rich Could Undermine Sanctions On Oligarchs (March 9, 2022)

In the aftermath of Russia’s 2022 invasion of Ukraine, Russian political elites have sought to protect their assets from sanction and confiscation in jurisdictions like Dubai, the Maldives, and the Seychelles.

The New York Times used C4ADS’ Dubai property data to shed light on Russian and Belarusian assets in Dubai. We identified 76 properties held by these individuals in Dubai: Russian oligarchs, sanctioned members of the Duma, and allies of Putin and Lukashenka hold more than $314 million of properties in the Emirate.

Dubai’s Role in Facilitating Corruption & Global Illicit Financial Flows (July 7, 2020)

In Dubai, weak regulation, poor enforcement, and relatively high levels of secrecy and anonymity create a welcoming environment for global kleptocrats, money launderers, and other illicit entrepreneurs seeking to hide ill-gotten earnings.

C4ADS contributed to this Carnegie Endowment report, Dubai’s Role in Facilitating Corruption and Global Illicit Financial Flows.

Dubai Property: An Oasis For Nigeria’s Corrupt Political Elites (March 19, 2020)

For Nigeria’s corrupt political elites, Dubai is the perfect place to stash their ill-gotten gains and enjoy luxury real estate worth millions. But unless authorities stop turning a blind eye, the long-term costs to Nigeria’s economy and Dubai’s reputation could be high.

C4ADS contributed to this Carnegie Endowment report, Dubai Property: An Oasis for Nigeria’s Corrupt Political Elites.

Sandcastles: Tracing Sanctions Evasion Through Dubai’s Luxury Real Estate Market (June 12, 2018)

In this 2018 report, we examine seven individuals and organizations, their associated corporate networks, and their real estate holdings. We identify 44 properties worth approximately $28.2 million directly associated with sanctioned individuals, as well as 37 properties worth approximately $78.8 million within their expanded networks. Each of these people has been sanctioned by the United States (US), and many have also been designated by the European Union (EU) and EU members states. These networks are, therefore, deserving of particularly intense regulatory scrutiny. However, our research reveals that they have invested million of dollars in luxury UAE real estate while continuing to engage in illicit activity with the last few years.

Disclaimer #

C4ADS assesses this data to be credible, with the caveat that it does not constitute evidence of the same quality and standard as a property deed, a form of official documentation strictly controlled in the UAE as confidential information. The mention of any individual, company, organization, or entity in this dataset does not imply the violation of any law or international agreement.