4. United Arab Emirates (Dubai)
Bank Score: 6 FSI Score: 14 Total Score: 20
(FSI Score breakdown: FSI Rank: 10; FSI 440.7)
Dubai, unlike its neighbors, lacks massive oil reserves. What little they do have, they have invested in the banking sector, which was designed to attract foreign capital. Often criticized for their lax banking regulation and even worse enforcement, Dubai has established itself as a premier offshore banking location, conveniently situated on the crossroads of Europe, Asia, and Africa. Dubai’s free port, established in the early 1900s, has played a crucial role in creating Dubai’s reputation of “no questions asked” business hub, a fact often exploited by people with a desire to keep their wealth undetected.
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