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UAE cleared by global watchdog for illicit finance in turnaround.

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TLDR:

  • The UAE was removed from the Financial Action Task Force’s “grey list” for not doing enough to combat money laundering and terrorist financing.
  • UAE authorities strengthened their financial system’s anti-money laundering and counterterrorist financing capabilities to be taken off the list.

The Financial Action Task Force (FATF) announced the removal of the UAE from its “grey list” after the country demonstrated significant progress in addressing strategic AML/CFT deficiencies. The UAE, along with Barbados, Gibraltar, and Uganda, were commended for their efforts to resolve identified deficiencies swiftly. This achievement was attributed to collaborative efforts by various entities, including government ministries, federal and local authorities, and the private sector. The UAE government implemented stringent measures to crack down on illicit financing, including increased oversight on money transfers and a significant increase in AML and CFT activities compared to the previous year.

Being on the FATF grey list can hinder a country’s ability to secure international financing and lead to reduced capital flows, as highlighted in a report by the International Monetary Fund. The removal of the UAE from this list signifies a positive step towards enhancing the country’s international standing and competitiveness. Despite previous accusations of serving as a financial haven for sanctioned entities, the UAE’s efforts to strengthen its financial system have been recognized by the FATF, showcasing a commitment to combat money laundering and terrorist financing.

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