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Entries in Dubai (10)


‘Bitcoin threat’ spurs central bank digital currencies 

On July 6, the head of Turkey’s central bank Murat Cetinkaya -- who in 2017 publicly stated that he felt threatened by Bitcoin -- was unexpectedly removed from his job by President Recep Tayyip Erdogan. Three days later, on July 9 the 11th Development Plan of the Central Bank of the Republic of Turkey was approved by the President and submitted to the Parliament. 

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Is the UAE a safe haven for international fraudsters?

Dubai has been recently lambasted as a “money laundering paradise” by Transparency International and there's no doubt that Dubai and the UAE in general are lagging in the world of compliance and regulation. So TI’s assertion did not take me by surprise. Let’s face it, the UAE’s approach to the rule of law can be puzzling to those of us on the outside looking in. 

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Report: Azerbaijan First Family owns $140 million in luxury homes around globe

Azerbaijani President Ilham AliyevThe president of oil-rich Azerbaijan and his two daughters own foreign luxury flats and homes -- three of them in London -- together worth $140 million.

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German whistleblower earns $16 million for exposing ‘major fraud’ against U.S. military

In a criminal fraud and False Claims Act settlement Monday with total penalties amounting to $389 million, a whistleblower collected $16 million from the $101 million paid to settle the FCA portion of the case.

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SEC sanctions ex FLIR employees for Saudi Arabia bribes

Image courtesy of FLIRThe Securities and Exchange Commission said Monday it sanctioned two former employees in the Dubai office of a U.S.-based defense contractor for violating the Foreign Corrupt Practices Act by taking government officials in Saudi Arabia on a “world tour” to help win business for the company. The two later created phony records to hide their offenses.

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Three high-profile extraditions to the U.S.

Extradition is the official process where one country transfers a suspected or convicted criminal to another country. The process dates back to at least the 1300s BC, when Ramesses II of Egypt negotiated an extradition treaty with Hattusili III, a Hittite king.

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SFO launches bribe probe of Sweett Group

The UK Serious Fraud Office said Monday it has launched a formal investigation of survey and construction services firm Sweett Group.

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Dubai passport official took bribes to falsify departures

Courtesy of YouTubeA passport control officer in Dubai accepted bribes to alter exit report records, making it look like nearly 5,300 people left the country between August 2007 and August 2012 when they actually went no where.

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Deutsche Bank must hand over client info to Dubai regulator 

Deutsche Bank agreed on Monday to turn over documents related to a regulatory probe into the operations of its Dubai-based wealth management division.

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China graft joins the mile high club

Image courtesy of WikipediaAnother high-flying China official has been indicted for taking bribes.

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