[frankjr]

Fascinating....NOT! Yes, all the best intelligence in\s published in the CIA factbook. The amount of money laundered in the US dwarfs that of the UAE. It's called an open financial system.

[sully777]

The amount of money laundered in the US dwarfs that of the UAE. It's called an open financial system.

---

It's probably some form of nascent racism on my part to talk about illegal drug shipments and money laundering, including financing Iraqi insurgents and supporting Hamas. But your argument that US banking in a free market economy acts criminally trumps me.

Better let the deal go through ASAP.

[calcowgirl]

The amount of money laundered in the US dwarfs that of the UAE. It's called an open financial system.

Actually, it's called the money laundering capital of the middle east.

December 28, 2005

FUJAIRAH, United Arab Emirates – Money laundering is flourishing in the United Arab Emirates where fraudsters can pull off complex tax scams or buy speed boats with paper bags of cash with relative ease, officials say.

The Gulf Arab state, which has no income tax, is now a hub for so-called missing trader fraud that robs European Union governments of billions of euros in value-added tax revenue, diplomats told a money laundering conference on Wednesday.

Some of that money has trickled through to networks of Islamic militants, they said.

The UAE has been cracking down on money laundering, particularly since the Sept. 11 attacks on the United States, but dirty money is still around, especially in Dubai, booming financial hub of the world's top oil exporting region.

"Partly this is a problem of success... Although Dubai is a fantastic place for legitimate businesses to work, it is also a fantastic place for criminals to work," said Robert Deane, deputy head of the British embassy in the UAE capital Abu Dhabi.

Businessmen say less sophisticated money laundering has long thrived in a country that is now trying to position itself as an offshore tax-haven to rival the Bahamas or Switzerland.