Money laundering and financial crimes in Dubai: a critical study of strategies and future direction of control

Preventing money laundering is a major international problem. Several attempts, from the national to the international level, have been made to address and prevent money laundering. These are often frustrated by the dynamic nature of the crime itself. However, regardless of its reach and dynamism in illegal or legal transactions, which are often intertwined, individual nations need to address the issue of money laundering to signify to an international audience and legitimate commercial interests their intent to tackle money laundering and thus illustrate that public and private state run organisations in the financial and law enforcement sectors are honest and professional, and that their country is a ‘place to do business’. This thesis, therefore, presents an evaluation of the strategies and future directions of money laundering in Dubai, as it is a ‘new’, dynamic place in which to conduct business and the financial centre of the Middle East. It examines the various ways in which legislation and law enforcement in Dubai are struggling with and tackling the issues and problems of money laundering in the face of organised crime and terrorism. In this thesis, the concepts of money laundering and financial crimes in Dubai, with a special focus on strategies as well as future direction of control, are explored in some depth. This work has established that Dubai has a substantial anti-money laundering framework; however, it suffers from some weaknesses. These weaknesses are caused by the poor relationship between anti-money laundering units, the Anti-Organised Crime Department of the Dubai police, the financial sector and the Central Bank of Dubai. This situation is particularly evident when it comes to sharing information on those suspected of money laundering in Dubai. The ‘lack of a relationship’ is illustrated by primary research, as is the fact that other nations have (i.e. the UK) developed a more intelligence-led approach and partnerships in their quest to prevent money laundering where possible in their jurisdiction. This thesis highlights the progress that is needed in Dubai and the UAE to prevent money laundering, and as such is an original contribution to knowledge in an under-researched field in the Middle East