Dubai Papers Trial Highlights Offshore Ownership and Cross-Border Due Diligence Risks

A major international financial crime trial has opened in Paris, examining allegations that a network operating through the UAE and several other jurisdictions helped wealthy individuals conceal more than €200 million in assets using offshore companies and financial arrangements.

Proceedings began on 2 November 2026, with 13 individuals and three companies appearing before a French criminal court in connection with the long-running Dubai Papers investigation.

French prosecutors allege that the network, associated with financial services firm Hélin International, facilitated tax fraud and money laundering through complex corporate structures, international bank accounts and intermediary relationships.

The case raises important questions about beneficial ownership transparency, cross-border Corporate Intelligence and the role of Due Diligence in understanding international business relationships.

What Is the Dubai Papers Investigation?

The Dubai Papers investigation emerged in 2018 following the disclosure of internal documents relating to Hélin International, a financial services operation associated with Belgian businessman Henri de Croÿ.

The business had previously operated through Switzerland before relocating activities to the UAE.

According to reporting by Le Monde and AFP, French prosecutors allege that the organisation established structures designed to conceal assets and financial arrangements from tax authorities.

The investigation concerns approximately 322 French taxpayers and more than €200 million in assets allegedly held through international arrangements.

Prosecutors have also identified alleged tax losses of at least €54 million in the proceedings.

The case involves allegations of aggravated tax fraud facilitation, money laundering and participation in a criminal organisation.

These remain allegations against the defendants currently standing trial. The opening of proceedings does not establish the criminal responsibility of those individuals or companies.

How Were Offshore Companies Allegedly Used?

One of the most significant elements of the case is the reported use of hundreds of offshore entities to manage assets and financial relationships across different jurisdictions.

French investigators reportedly identified 658 offshore companies associated with the arrangements under examination.

The structures involved financial connections extending across Europe, Asia, the Caribbean and the Middle East.

According to prosecutors, companies and bank accounts were allegedly used to obscure the relationship between the underlying assets and the individuals who ultimately controlled them.

The investigation also examined arrangements involving prepaid bank cards, cash transfers and allegedly fictitious commercial invoices.

Such arrangements can complicate efforts to establish the true ownership and purpose of financial transactions.

However, it is important to distinguish between the lawful use of international corporate structures and arrangements designed to conceal unlawful activity.

Offshore companies and cross-border investment vehicles can serve legitimate commercial, investment and estate-planning purposes.

The relevant questions concern how those structures operate, who ultimately controls them and whether their activities are consistent with applicable legal and regulatory obligations.

Why Beneficial Ownership Matters

Beneficial ownership is a central consideration when assessing companies involved in international transactions or commercial relationships.

A business may be legally registered in one jurisdiction while being owned or controlled through companies, trusts or other arrangements established elsewhere.

Although the registered shareholder may be identifiable, this does not necessarily establish the individual who ultimately exercises control.

In complex structures, understanding beneficial ownership may require examining several levels of corporate relationships.

For businesses considering substantial investments, acquisitions or commercial partnerships, incomplete ownership information can create uncertainty.

Relevant questions may include:

• Who ultimately owns or controls the company?
• Are there intermediary entities between the registered company and its beneficial owners?
• Do directors or shareholders have connections to other relevant businesses?
• Are ownership arrangements consistent with the stated commercial purpose?
• Are there material regulatory, litigation or reputational concerns?
• Can significant representations about the business be independently verified?

These enquiries form an important part of Corporate Due Diligence.

The Dubai Papers proceedings provide a current example of why identifying the people behind international structures can be particularly challenging where companies and financial relationships extend across several jurisdictions.

The Role of Professional Intermediaries

Another notable aspect of the trial concerns the alleged involvement of professional advisers and intermediaries.

Reporting indicates that lawyers, accountants and individuals responsible for introducing clients to the network are among those appearing in court.

French prosecutors allege that certain intermediaries helped facilitate arrangements used to conceal assets and evade tax obligations.

Their individual responsibilities and the extent of their knowledge are matters for the court to determine.

The allegations nevertheless highlight an important consideration for organisations relying on external advisers.

Professional involvement does not automatically establish that an arrangement is legitimate, nor does the existence of a complex financial structure necessarily indicate wrongdoing.

Businesses should consider the substance of the commercial relationship alongside the professional credentials of those involved.

Where a transaction involves multiple intermediaries, it may be appropriate to establish their roles, relationships and potential conflicts of interest.

This is particularly relevant where an adviser is acting for several connected parties or where the purpose of an arrangement is not clearly explained.

What Does the Case Mean for UAE Businesses?

The Dubai Papers proceedings are taking place in France and concern alleged historical activity involving an international network with operations in the UAE.

They should not be interpreted as evidence that offshore structures established in the UAE are inherently suspicious or that UAE businesses were generally involved in the alleged misconduct.

The UAE is a major international commercial centre, supporting investment, corporate formation and cross-border financial activity.

Businesses operating through international structures may have legitimate reasons for using different jurisdictions, including market access, investment management and corporate organisation.

However, cross-border relationships can introduce additional challenges when assessing ownership, control and the commercial purpose of transactions.

For UAE organisations entering international partnerships or investments, relevant Corporate Intelligence may help establish whether information supplied by a counterparty is consistent with independently available records.

This is particularly valuable where a proposed relationship involves unfamiliar overseas entities, complex shareholder arrangements or substantial financial commitments.

How Due Diligence Can Identify Corporate Risks

Effective Due Diligence involves more than confirming that a company is legally registered.

Registration documents may establish the existence of an entity, but they do not necessarily explain its operational activities, ultimate ownership or relationships with other businesses.

Depending on the circumstances, a proportionate review may examine corporate records, ownership structures, directorships, regulatory histories, litigation and credible adverse media.

Where international entities are involved, the review may need to extend across several jurisdictions.

Information availability varies considerably, and beneficial ownership records are not publicly accessible in every country.

Conflict Advisory Group provides Due Diligence Services to businesses, investors, family offices and professional advisers operating in the UAE and internationally.

Our work can assist clients in verifying material information, identifying corporate relationships and assessing potential concerns before entering significant commercial arrangements.

For organisations seeking to understand when more extensive verification may be appropriate, our guide to Enhanced Due Diligence in the UAE explains why standard identification and company-registration checks may not provide sufficient information in higher-risk circumstances.

Cross-Border Asset Tracing and Financial Intelligence

The international scope of the Dubai Papers investigation also highlights the difficulties associated with establishing where assets are held and how different entities may be connected.

Where financial interests span several countries, understanding the position may require examining corporate ownership, relevant property interests, business relationships and available transaction information.

Asset Tracing can help identify potential assets and financial connections relevant to a commercial dispute, suspected fraud or legal proceedings.

However, tracing an asset does not automatically establish its beneficial owner or prove that it is connected to unlawful activity.

Similarly, identifying assets does not guarantee that they can be frozen, seized or recovered.

Those steps depend on applicable legal processes and the powers available to courts, regulators and other relevant authorities.

For businesses and professional advisers, the objective of Asset Tracing is to develop reliable information that can assist with informed legal and commercial decisions.

A Wider Lesson in Corporate Transparency

The Dubai Papers trial demonstrates the challenges that can arise when financial arrangements involve multiple corporate entities, professional intermediaries and international jurisdictions.

The proceedings will examine allegations concerning historical transactions and the responsibilities of those accused of facilitating them.

The outcome remains for the French court to determine.

For UAE businesses, the broader commercial lesson concerns the importance of understanding who sits behind a corporate structure and whether a proposed transaction can be supported by reliable information.

Complex ownership arrangements are not inherently improper, but they can require additional scrutiny where material facts are unclear.

Independent Corporate Intelligence, proportionate Due Diligence and appropriate Asset Tracing can help organisations establish relevant facts and identify issues requiring further examination.

Conflict Advisory Group supports businesses, investors, family offices and legal professionals through Due Diligence, Corporate Intelligence, Asset Tracing and Risk Management services.

Our team conducts discreet, evidence-led enquiries across the UAE and internationally, helping clients understand corporate relationships, verify information and assess potential exposure.

To discuss an international business relationship, complex ownership structure or cross-border intelligence requirement, contact Conflict Advisory Group in confidence.