Report describes Dubai real estate as money-laundering haven
{{#rendered}} {{/rendered}}A new report alleges war profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai's real-estate market as a haven for their assets.
The report released Tuesday by the Washington-based Center for Advanced Defense Studies relies on leaked property data from the city-state.
It offers evidence to support the long-whispered rumors about Dubai's real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand.
{{#rendered}} {{/rendered}}The government-run Dubai Media Office says it can't comment on the report.