You probably suspected this, but now it’s out in the open. Question is - What will the law abiding world do about it.
One of those places is the United Arab Emirates. The Pandora Papers provides an unprecedented look at how Dubai’s rise as one the world’s financial capitals coincided with the growth of its shadow economy — as a secrecy haven that’s become a nexus for money laundering and other financial crimes. In our latest investigation, ICIJ’s Cairo-based reporter Maggie Michael and senior editor Michael Hudson delve into the UAE’s thriving trade in financial secrecy. Months of reporting revealed the real owners of secretive UAE-based companies, which include alleged gold smugglers, internet moguls who moved hundreds of millions of dollars for child porn traffickers, heroin dealers, and other lowlifes. nth. The Pandora Papers investigation also sheds light on the unique role that the country’s six royal families play in the UAE’s economy and offshore industry, and why Dubai has so far escaped the kind of pressure seen by other tax havens like the British Virgin Islands and Switzerland. The leaked files also show how the UAE has become a go-to offshore destination for many African elites. ICIJ’s Will Fitzgibbon’s reporting uncovers the secretive Emirati financial interests of politicians and corporate leaders from 17 African countries. Roland. Toronto.
