By Sanjeev Sharma New Delhi, November 18th : .The tale of Dubai’s offshore corporations sheds new light on Dubai’s rise to financial power – as well as the UAE’s role in money laundering, according to The International Consortium of Investigative Journalists, (ICIJ) in a report.
A thriving financial secrecy trade is thriving in the UAE.The UAE offers shell companies to conceal their true owners; numerous internal free trade zones to provide additional shadows to them; and an anti-corruption regulatory system that is known for its “ask not questions, see no evil” approach to money linked to arms and gold smuggling and other criminal activities.
More than 11.9 Million files are contained in the Pandora Papers.190,000.These confidential files were provided by SFM Corporate Services (a UAE-based company that claims to be “the world’s top Offshore Company Formation Provider”.
SFM is just one of many firms that assist clients in incorporating companies.The report stated that these company formation companies are part of an international network of accountants, lawyers and other personnel who help make offshore finance possible.
ICIJ reviewed the records and identified at most 2,977 owners in UAE, British Virgin Islands and other offshore financial centres that were incorporated or provided other services by SFM.These companies are owned by the Belgian gold tycoon and the internet mogul as well as more than 20 others who have been accused of financial crime and other wrongdoing throughout the globe, according to ICIJ research.
SFM was based at 16th Floor, H Hotel Tower, 1 Sheikh Zayed Road for several years.ICIJ research indicated that this building belonged to Sheikh Hazza bin Zayed al Nahyan.
Sheikh Mohammed bin Zayed bin Zayed is the UAE’s ex-national security advisor and the brother of Sheikh Mohammed bin Zayed.He will soon become the UAE president.
The Pandora Papers, in addition to internal records of SFM, contain tens or thousands of files related the UAE.These include documents from Seychelles, and other jurisdictions, that show offshore holdings for at least 35 of the UAE’s ruling family members.
The data reveals that Sheikh Hazza, a heavyweight Emirati monarch, has offshore holdings.His brother, Sheikh Tahnoon Bin Zayed, is his national security advisor.
Sheikh Mohammed bin Rashid Al Maktoum, the UAE Prime Minister and Ruler, was also revealed.
These files reveal that the Prime Minister has connections – through two British Virgin Islands companies – with the founder Dark Matter, an UAE-based cybersecurity company that was accused of spying for human rights officials from multiple countries.
Three former US military intelligence and intelligence officers, who were all ex-military and intelligence personnel, confessed to Dark Matter in September that they helped hack phones around the globe.Dark Matter was not charged.
Although it acknowledged its close ties to the UAE government, Dark Matter denies any involvement in hacking.
Leaked records show Sheikh Tahnoon was the UAE security advisor.
He also owned a British Virgin Islands business using unregistered bearer shares.These share certificates provide deep secrecy as they are held by the person who actually owns them.
Bearer shares, long associated with financial fraud, have been outlawed in numerous jurisdictions.
This year, Sheikh Tahnoon was involved in an American political scandal that involved Thomas Barrack (the American billionaire), the chair of Donald Trump’s inaugural committee.
Indictment in the US alleges that Barrack was an unregistered agent of the UAE and provided help to Emirati officials, including Sheikh Tahnoon.This helped them to subvert Trump’s administration policies.Barrack has pleaded guilty.
(Sanjeev Sharma can be reached at [email protected])
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