An international network of tax evasion and money laundering in the United Arab Emirates – dubbed the Dubai Papers – involving rich Europeans has been exposed by a French magazine.
The Helin Group is not found online and operates as a “nebula of corporations and trusts”, which allows the clients to make sensitive transactions covertly.
The confidential documents also described the gambit of some wealthy individuals who maintained anonymity in the age of generalised tax transparency. The company also issued prepaid black cards without holder’s name, cash withdrawals, non-reimbursable fictitious loans, along with using pseudonyms to veil the identity of the principals within the group, according to an article in the Anti-Corruption Digest.
The French magazine also published an interview with François Dejardin, Helin’s former manager, who said: “At Helin, the use of nominees is widespread, far beyond anything I’ve seen in my career”.
He went on to say that he also “signed blank papers,” adding that it was only now that he realised this was “abuse”.