Geopolitical Volatility in 2024
The year 2024 was expected to be a year filled with geopolitical volatility. Lingering effects from the conflicts of 2023, high inflation, and civil unrest were exacerbated by 64 global elections, uncertainty over the future of trade, natural resources, sovereign debt, environment, and population. The media took advantage of this ethically divisive opportunity to amplify partisan opinion, thereby stoking further fear and polarity. The term 'gaslighting' became a key descriptor of the mainstream news cycle, as seen in the coverage of Britain’s recent riots and the U.S.’s treatment of its Democratic presidential candidate, Vice President Kamala Harris.
Dubai's Gold Industry
Dubai, popular for its business, trade, and tourism, was frequently targeted by this type of coverage, particularly due to its thriving gold industry, one of the world’s largest physical markets. A recent piece in The Times highlighted Dubai’s position as a target for U.K’s drug gangs and made unfounded accusations about undeclared gold imports. The report underscored that criminality is rarely confined by national borders. The Dubai authorities have worked closely with organizations like the World Gold Council, the UAE’s National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC), and INTERPOL to combat illicit activity and money laundering.
UK's Drug Abuse Culture
The Times' Cocaine Inc series highlighted the extent of the UK’s drug abuse culture, which spans from blue collar workers to the highest echelons of power. According to The Guardian, traces of a class-A drug were found at Chevening, the residence of Liz Truss, then the foreign secretary. Similar deposits were found in the offices at No. 10 after two lockdown parties held when Johnson was prime minister.
The value of Britain’s illicit drug trade is estimated to be around GBP 10bn (USD 13.2bn) with an ultimate cost to the economy of around GBP 37bn (USD 49.10bn). While some gangs have tried to launder money through Dubai, doing so domestically remains the path of least resistance. Transparency International UK reported that GBP 6.7bn ($8.89bn) of laundered money was invested in UK property between 2016 – 2022. Britain reportedly launders GBP 150bn (USD 199.bn) each year, making it the second largest money laundering economy in the world after the United States.
Ignoring the Elephant in the Room
The mainstream media, including The Times, often fails to address the fact that Britain has been consistently let down by a series of inept administrations who fail to acknowledge that allowing a narcotics trade with a value close to the GDP of the Bahamas to operate within its borders will not lead to positive outcomes.
Over 50 per cent of all suicides, the leading cause of death for men aged 20 – 34 in England and Wales, are associated with alcohol and drug dependence. Despite 4,907 drug- related deaths in 2022, the highest number since records began, the penalties for possession of a class A drug are a maximum of seven years in prison and an unlimited fine - neither of which are truly ever enforced.
UAE's Zero-Tolerance towards Drug Trafficking
The UAE, on the other hand, has a zero-tolerance policy towards drug trafficking, which in some cases can result in the death penalty. Its laws and punishments may be considered harsh by some, but the net positive means law-abiding citizens can live in what is recognized as one of the world’s safest countries.
The UK's Ongoing Issues
In the UK, more attention was given to rounding up peaceful protestors or social media commentators following the riots sparked by the murder of three young girls in Southport, rather than addressing the public’s clear and obvious concerns. The mass migration of illegal, mostly fighting-age men at the cost of the British taxpayer to the tune of GBP 14bn (USD 18.57bn) per year will also not lead to peaceful outcomes, particularly while its beleaguered National Health Service has a wait list of 7.62 million cases as of July 2024, and approximately 4.3 million of its children are estimated to live in poverty.
UAE's Efforts to Combat Money Laundering
Since being placed on the Financial Action Task Force’s (FATF) ‘grey list’ in March 2022, the UAE has significantly enhanced its protocols for monitoring and identifying illicit activity at each stage, resulting in its removal from the list in February 2024. It has maintained a strict approach to monitoring, resulting in significant clampdowns on sectors including finance, property, and precious metals.
The UAE has also collaborated with organizations like the World Gold Council to promote greater transparency and build investor confidence. The World Gold Council, in collaboration with UAE authorities, is exploring the introduction of best practices for online gold trading. The strategy aims to establish clear guidelines and ethical standards for digital gold platforms.
UAE as a Wealth Magnet
According to recent findings, the UAE continues to be the world’s top wealth magnet for a third year running and is expected to attract a record net inflow of 6,700 millionaires by the end of 2024. Conversely, the UK is expected to lose approximately 17 per cent of its millionaire population by 2028 according to Swiss bank, UBS.
Bottom Line
While no nation is perfect, the current era of western political discourse and its alliance with the media, which revolves around denying obvious problems in the face of empirical fact, needs to stop. As with overcoming any toxic habit, acknowledging the underlying problem is always the first step.
What are your thoughts on this matter? Share this article with your friends and sign up for the Daily Briefing, which is everyday at 6pm.
Geopolitical Volatility in 2024
The year 2024 was expected to be a year filled with geopolitical volatility. Lingering effects from the conflicts of 2023, high inflation, and civil unrest were exacerbated by 64 global elections, uncertainty over the future of trade, natural resources, sovereign debt, environment, and population. The media took advantage of this ethically divisive opportunity to amplify partisan opinion, thereby stoking further fear and polarity. The term 'gaslighting' became a key descriptor of the mainstream news cycle, as seen in the coverage of Britain’s recent riots and the U.S.’s treatment of its Democratic presidential candidate, Vice President Kamala Harris.
Dubai's Gold Industry
Dubai, popular for its business, trade, and tourism, was frequently targeted by this type of coverage, particularly due to its thriving gold industry, one of the world’s largest physical markets. A recent piece in The Times highlighted Dubai’s position as a target for U.K’s drug gangs and made unfounded accusations about undeclared gold imports. The report underscored that criminality is rarely confined by national borders. The Dubai authorities have worked closely with organizations like the World Gold Council, the UAE’s National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC), and INTERPOL to combat illicit activity and money laundering.
UK's Drug Abuse Culture
The Times' Cocaine Inc series highlighted the extent of the UK’s drug abuse culture, which spans from blue collar workers to the highest echelons of power. According to The Guardian, traces of a class-A drug were found at Chevening, the residence of Liz Truss, then the foreign secretary. Similar deposits were found in the offices at No. 10 after two lockdown parties held when Johnson was prime minister.
The value of Britain’s illicit drug trade is estimated to be around GBP 10bn (USD 13.2bn) with an ultimate cost to the economy of around GBP 37bn (USD 49.10bn). While some gangs have tried to launder money through Dubai, doing so domestically remains the path of least resistance. Transparency International UK reported that GBP 6.7bn ($8.89bn) of laundered money was invested in UK property between 2016 – 2022. Britain reportedly launders GBP 150bn (USD 199.bn) each year, making it the second largest money laundering economy in the world after the United States.
Ignoring the Elephant in the Room
The mainstream media, including The Times, often fails to address the fact that Britain has been consistently let down by a series of inept administrations who fail to acknowledge that allowing a narcotics trade with a value close to the GDP of the Bahamas to operate within its borders will not lead to positive outcomes.
Over 50 per cent of all suicides, the leading cause of death for men aged 20 – 34 in England and Wales, are associated with alcohol and drug dependence. Despite 4,907 drug- related deaths in 2022, the highest number since records began, the penalties for possession of a class A drug are a maximum of seven years in prison and an unlimited fine - neither of which are truly ever enforced.
UAE's Zero-Tolerance towards Drug Trafficking
The UAE, on the other hand, has a zero-tolerance policy towards drug trafficking, which in some cases can result in the death penalty. Its laws and punishments may be considered harsh by some, but the net positive means law-abiding citizens can live in what is recognized as one of the world’s safest countries.
The UK's Ongoing Issues
In the UK, more attention was given to rounding up peaceful protestors or social media commentators following the riots sparked by the murder of three young girls in Southport, rather than addressing the public’s clear and obvious concerns. The mass migration of illegal, mostly fighting-age men at the cost of the British taxpayer to the tune of GBP 14bn (USD 18.57bn) per year will also not lead to peaceful outcomes, particularly while its beleaguered National Health Service has a wait list of 7.62 million cases as of July 2024, and approximately 4.3 million of its children are estimated to live in poverty.
UAE's Efforts to Combat Money Laundering
Since being placed on the Financial Action Task Force’s (FATF) ‘grey list’ in March 2022, the UAE has significantly enhanced its protocols for monitoring and identifying illicit activity at each stage, resulting in its removal from the list in February 2024. It has maintained a strict approach to monitoring, resulting in significant clampdowns on sectors including finance, property, and precious metals.
The UAE has also collaborated with organizations like the World Gold Council to promote greater transparency and build investor confidence. The World Gold Council, in collaboration with UAE authorities, is exploring the introduction of best practices for online gold trading. The strategy aims to establish clear guidelines and ethical standards for digital gold platforms.
UAE as a Wealth Magnet
According to recent findings, the UAE continues to be the world’s top wealth magnet for a third year running and is expected to attract a record net inflow of 6,700 millionaires by the end of 2024. Conversely, the UK is expected to lose approximately 17 per cent of its millionaire population by 2028 according to Swiss bank, UBS.
Bottom Line
While no nation is perfect, the current era of western political discourse and its alliance with the media, which revolves around denying obvious problems in the face of empirical fact, needs to stop. As with overcoming any toxic habit, acknowledging the underlying problem is always the first step.
What are your thoughts on this matter? Share this article with your friends and sign up for the Daily Briefing, which is everyday at 6pm.
