Switzerland announced the seizure of bank assets belonging to 36 associates of Nicolás Maduro, Venezuela's ousted president. While the exact amount remains undisclosed, this action represents only a fraction of the deposed Marxist leader's wealth.
The clientele of Emirati banks reads like a who's who of international financial impropriety © Mena Today
Switzerland announced the seizure of bank assets belonging to 36 associates of Nicolás Maduro, Venezuela's ousted president. While the exact amount remains undisclosed, this action represents only a fraction of the deposed Marxist leader's wealth.
The bulk of Maduro's fortune is not held in Geneva or Zurich, but rather in the United Arab Emirates, where banking secrecy and lax oversight have made the Gulf state a haven for questionable wealth. UAE banks have built a reputation for being remarkably undemanding when it comes to the origins of deposited funds, creating an ideal sanctuary for assets that might face scrutiny elsewhere.
This reality poses a formidable challenge for international efforts to track and seize Maduro's assets and those of his family members. Unlike Switzerland, which operates under increasing international pressure for financial transparency, the UAE maintains banking practices that effectively shield depositors from uncomfortable questions about fund sources.
A Rogues' Gallery of Clients
The clientele of Emirati banks reads like a who's who of international financial impropriety.
Among the depositors are operatives from Iran's Revolutionary Guards, European drug traffickers, and an array of individuals whose wealth would not withstand close examination in more regulated financial centers.
This concentration of illicit capital in UAE institutions reflects a deliberate business model: offering discretion and protection to those who cannot—or dare not—bank in jurisdictions with robust anti-money laundering frameworks and international cooperation agreements.
Switzerland's asset seizure, while symbolically important, underscores the fundamental limitations of international financial enforcement. As long as jurisdictions like the UAE provide safe harbor for questionable fortunes, efforts to hold corrupt leaders accountable will remain partial at best.
For Maduro and his inner circle, the Swiss action represents an inconvenience rather than a catastrophe. Their real wealth remains comfortably ensconced in Dubai's towers, protected by a financial system that has made opacity its competitive advantage.
The message is clear: if you're a deposed dictator or corrupt official looking to preserve your ill-gotten gains, Geneva is increasingly risky, but Dubai's doors remain wide open.
By Emily Evans
A dispute over territorial control in southern Yemen has set erstwhile Gulf allies Saudi Arabia and the United Arab Emirates against each other and fractured the coalition fighting the Iran-backed Houthis.
The Saudi-led coalition in Yemen said on Thursday that the United Arab Emirates had spirited a separatist leader out of the country in a dramatic twist to a row between the Gulf powers, as witnesses said Saudi-backed forces advanced to the port of Aden after losing ground there.
Turmoil in Yemen's south has exposed a major feud between Saudi Arabia and the United Arab Emirates, yet their $30 billion trade ties are proving remarkably resilient.
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