Dubai wealth managers dismiss UAE inclusion in EU tax haven blacklist - The National:
"UAE wealth managers said a move by the European Union to include the Emirates in a black list of 17 global tax havens is not credible and likely to have a negligible effect on the banking industry which has in recent years intensified efforts to clamp down on financial crime. Dubai-based executives including Khaled Sifri, the chief executive officer of Emirates Investment Bank, said that the blacklist seemed more of a political exercise than an objective undertaking that judged jurisdictions on specific criteria. "It's not a very credible list because they excluded many jurisdictions and I mean many that provide the kind of environment that they are trying to highlight, an environment where corporations would be able to set up companies or subsidiaries in those jurisdictions and these subsidiaries were not taxed at normal rates,” said Khaled Sifri, the chief executive officer of Emirates Investment Bank, a Dubai-based private bank."
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