The UAE tries to crack down on dirty money

DIRTY MONEYUAEUAEFATFUAE has long been an open secret in the United Arab Emirates (). Oligarchs and foreign officials would fly in with stacks of cash, buy houses under their own names and showcase their lives of luxury on social media. Guests at a hotel in downtown Dubai last year might have shared a lift with a Turkish mob boss who had moved in for a while. With its beach-front villas, luxury hotels and fine dining, the ’s glitzy business hub is a magnet for money, licit and otherwise.Two years ago the Financial Action Task Force (), the world’s main anti-money-laundering body, urged the to make “fundamental and major reforms” to crack down on financial crime. In the coming days it will decide whether the country has made enough progress. If not, it may be added to a “grey list” of problematic ones. A decision is expected by March 4th.