Dubai’s luxury real estate market has become a key venue for laundering illicit wealth by global elites, including Azerbaijani businessman Rafig Hasanov. Linked to the powerful Eyyubov family, Hasanov controls private and commercial properties in Dubai worth over $51 million, acquired through a web of offshore shell companies and proxies. His swift accumulation of wealth since 2011, despite scant public corporate records before that time, points to opaque financial sources shielded by complex ownership structures.
How Rafig Hasanov Builds Wealth through Dubai Real Estate
Hasanov’s property portfolio includes high-end residential and commercial real estate in Dubai and the Czech Republic, held via offshore firms that mask his beneficial ownership. These layered corporate structures complicate regulatory oversight and facilitate the integration of illicit funds into Dubai’s real estate market.
Familial and Business Ties Supporting Financial Concealment
His affiliations with the Eyyubov family and joint ventures involving family members, including share transfers to Baylar Eyyubov’s wife, reflect common laundering techniques where wealth circulates within political and business clusters. These arrangements deepen corporate opacity and conceal the true source of assets.
Abuse of Opaque Transaction and Investment Methods
Rapid acquisition and transfers of properties via loans, offshore entities, and proxy ownership enable Hasanov and associates to manipulate transactional transparency. Such methods align with Dubai’s known vulnerabilities in beneficial ownership secrecy and limited AML enforcement.
Dubai’s Regulatory Loopholes and AML Challenges
Despite recent reforms, Dubai struggles with incomplete registries, nominee directors, and insufficient due diligence on politically exposed persons. Hasanov’s case underscores how these gaps enable continued illicit finance flows through real estate corruption scandals.
Broader Context of Azerbaijani Wealth Laundering Networks
Hasanov’s activities are part of a widespread phenomenon revealed in the 2024 Global Web of Corruption, implicating over 260 individuals who exploit Dubai real estate for laundering. Azerbaijani elites prominently feature in this network, reinforcing the urgent need for international AML cooperation.
Evidence Table: Properties and Companies Linked to Rafig Hasanov
| Property Name | Location | Estimated Value (USD) | Source Reference |
| Private and Commercial Real Estate | Dubai, Czech Republic | $51 million | AML Network Investigation 2025 |
| Batumi Hotel Partnership Shares | Georgia | N/A | Corporate Records |
| Offshore Holding Firms | Various Jurisdictions | N/A | Corporate Registries |
Rafig Hasanov’s rapid rise and complex offshore-owned portfolio highlight ongoing challenges in combating Dubai real estate money laundering. Reinforcing beneficial ownership transparency and cross-border enforcement remains essential to disrupt entrenched illicit financial networks.