Because criminal actors have more to consider than just return on investment.

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Dear OCCRP Reader,

Kleptocrats, cartel bosses, and fugitives of less international stature all share a similar problem… They need a safe place to invest their money.

Real estate is always a sound choice, especially in major cities where housing is seemingly always in demand. But criminal actors have more to consider than just return on investment. They also value financial secrecy and legal environments that protect them from justice back in their home countries.

With these needs in mind, Dubai has become a magnet for dark money — as was uncovered yesterday by OCCRP and partners in our new investigative project #DubaiUnlocked.
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In this email, we wanted to explain why Dubai is appealing for international fugitives and political elites looking for a place to hide their fortunes. But first, a quick ask for your support.

Few Media Outlets Can Handle Large Leaks

Dubai Unlocked is actually the third investigation we’ve published based on massive leaks of the emirate’s property data. That’s because few media outlets have our level of expertise and capacity required to comb through terabytes of data.

As you can imagine, this kind of data journalism is slow and costly. So if you value this work, please make a donation to become an OCCRP Accomplice.

Don’t Give Kleptocrats a Penthouse to Hide in.
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Once you join our network, you’ll also gain access to membership benefits including exclusive virtual discussions.

Why Dubai?

To be clear, Dubai is not the only city where criminals and kleptocrats have been known to buy properties. But experts say it has several points of appeal – particularly for those on the run from authorities in Western countries. Here are a few reasons why:
* Pro-Expat Policies: Dubai has become a global financial center in large part because of policies the emirate adopted making it easy for foreigners — including those with dubious backgrounds — to immigrate and purchase real estate. Foreigners now make up roughly 90 percent of Dubai’s population and collectively own property worth an estimated $160 billion in 2022.
* Few Questions Asked: Some real estate agents in Dubai have a reputation for asking minimal questions about the origins of their clients’ funds – an ideal arrangement for those looking to launder dirty money. Until 2022, real estate agents and lawyers were not obligated to report large cash or cryptocurrency transactions. While the UAE has tightened regulations in recent years, some experts say it is too early to evaluate the impact.
* Avoid Justice Back Home: Until recently, the UAE lacked extradition treaties with many countries, helping make Dubai a go-to destination for a steady flow of high-profile fugitives. To this day, UAE authorities inconsistently respond to extradition requests.

Dubai’s property records are difficult to obtain and cannot be easily searched, making it difficult to determine who owns real estate in the city. In many cases, even international law enforcement officials have been unaware that people in their sights held property in Dubai. But thanks to a new leak of data, reporters have identified scores of alleged criminals, individuals facing sanctions, and political figures accused of corruption who have owned property there.

You can read more in #DubaiUnlocked. ([link removed]) And please don’t forget to make a donation ([link removed]) if you can. It’s the best way to support our global network of journalists.

Sincerely,
— The OCCRP Team
If you would like to support our work through your donor advised fund or workplace giving program, our EIN is 26-0898750. For checks, wire transfers, and other charitable giving vehicles, please contact Michael Meltzer at [email protected].

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