United Arab Emirates cracks down on money laundering, SXSW panel, and NAHJ 2021

 FASTER, PLEASE:  Researchers engineer cells to destroy malignant tumor cells but leave the rest alone.

One of the challenges of cracking down on financial crime is the global race to the bottom between havens trying to entice customers by offering more lucrative tax incentives or a higher degree of secrecy for companies. When one jurisdiction institutes more transparency, other offshore destinations step in to fill the gap — a phenomenon that’s continually vexed local and international officials aiming to chase the secret money trails of tax dodgers and criminals. One such destination is the United Arab Emirates, a growing hub for illegal money movements. Under pressure to do more to prevent money laundering, the country has responded by implementing rules around reporting ultimate beneficial owners. Beneficial ownership databases have become an increasingly popular reform around the world in the aftermath of Panama Papers, which brought international attention to how corporate anonymity can enable a range of social ills. More recent ICIJ investigation such as FinCEN Files and Luanda Leaks, highlighted the Dubai’s rise as a go-to secrecy haven for those looking to hide illicit wealth. Anisha Kohli, ICIJ’s new summer intern with the Emma Bowen Foundation, writes about questions and concerns onlookers have about the scope of the UAE’s new beneficial owner rules, and how effective the new law might be, along with Maggie Michael, our reporter in Cairo. SOUTH BY SOUTHWEST Did you miss our SXSW panel with New York financial regulator Linda Lacewell, Anthony Cormier of BuzzFeed News and Transparency International Portugal’s Karina Carvalho? Watch our talk on unraveling systemic flaws in the global financial system and what can be done to address these inequities. #NAHJ2021 Catch ICIJ reporter Brenda Medina at the National Association of Hispanic Journalists’ online international training conference, who is coordinating the investigative reporting track with sessions on investigative journalism on any beat (June 24), online tools (July 1), writing and packaging for impact (July 8), and more. Thanks for reading! Asraa Mustufa ICIJ's digital editor P.S. If you've enjoyed our coverage this week, remember to tell your friends and family and share our work on social media. Send them an email now!

 

 

FinCEN Files investigation named Pulitzer Prize finalist After NepaLeaks sparks reform, ‘weak’ data transparency still a hurdle for reporters

 

FinCEN Files source sentenced to six months in prison G7 finance ministers agree on 15% minimum tax to crack down on corporate tax dodging

 

EU tax transparency rules leave tax justice advocates craving more ambitious reforms UN aims to build global political will to combat corruption in special session

 

How the world’s richest defend their wealth, with help from a dedicated industry European plan to unify corporate tax rules and recoup billions faces steep hurdles

 

Secrecy, intimidation, and cracking the ‘iron wall’ around Cuba Fears of ‘significant deterrent’ for whistleblowers as top court quashes Lux Leaks case

 

Indian reporters find new ways to expose ‘vaccine inequity’ and COVID-19 data Watch: Press freedom in the Middle East, 10 years after the Arab Spring

 

Free press advocates call on Niger to reverse ‘disastrous’ fine for FinCEN Files reporter Covering corruption, coups, and war crimes in the Middle East

 

US tax plan proposes overhaul to audit high earners and corporations for tax evasion Behind the scenes of the Panama Papers story that brought down Iceland’s PM

 

Five years later, Panama Papers still having a big impact ICIJ nominated for Nobel Peace Prize for combating dark money flows

 

READ MORE NEWS