Dubai is 'new Costa del Crime’ for fraudsters hiding cash from UK government
Fraudsters that owe the UK Treasury more than £100 million have snapped up a string of luxury apartments in Dubai. The prevalence of UK criminals in the UAE city has led to it being dubbed the new ‘Cost del Crime’.
According to a leak of a secret property database, a group of men, who will be looked at closely by British investigators, stand accused of running a carousel fraud ring. The fraud network is estimated to have cost the UK £16.5bn in tax revenues over an 11 year period, spanning from between 2005 to 2016.
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Rod Stone, former assistant director of HM Revenue and Customs organized crime national coordination unit, told the Guardian that fraudsters began consigning goods via Dubai back in 2005 to try and undermine the tax authorities’ ability to identify the circular movements of carousel fraud.“Fraudsters used Dubai banks to avoid both the stringent anti-money laundering reporting requirements in the UK, and the authorities’ ability to freeze their ill-gotten gain…
According to a leak of a secret property database, a group of men, who will be looked at closely by British investigators, stand accused of running a carousel fraud ring. The fraud network is estimated to have cost the UK £16.5bn in tax revenues over an 11 year period, spanning from between 2005 to 2016.
Read more
Rod Stone, former assistant director of HM Revenue and Customs organized crime national coordination unit, told the Guardian that fraudsters began consigning goods via Dubai back in 2005 to try and undermine the tax authorities’ ability to identify the circular movements of carousel fraud.“Fraudsters used Dubai banks to avoid both the stringent anti-money laundering reporting requirements in the UK, and the authorities’ ability to freeze their ill-gotten gain…