DUBAI – Dubai is looking into the allegations of money laundering involving the Gupta family, with the usage of their UAE central bank.
Money laundering by the Gupta family using shelf companies in Dubai is “very unfortunate” and is being discussed “at the highest level”, says Hamad Buamim, the president and CEO if the Dubai Chamber of Commerce and Industry.
“We look at it and we speak about it at a very high level, let me tell you this,” he said, without commenting further. Buamim also said, “With hundreds of thousands of companies that exist in Dubai, there might be certain shell companies that utilise certain gaps in the system, but there is always a monitoring of that.”
The nation has also committed to share tax and financial information with other countries under the common report standard. The standard will only begin operations in 2018 and was developed by the Organisation for Economic Co-Operation and Development to combat tax evasion.
Dubai was tracking current international investigations into the Gupta family, led by British and American authorities. “I think if anything happens, there will also be actions (in Dubai). I don’t want to tell you what’s happening.”
More news will be reported on the progression of all the investigations from the Dubai central bank, the Americans and British authorities.