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UAE’s strong efforts to tackle money laundering bring it out of FATF’s ‘grey list’

 

The Financial Action Task Force (FATF) has removed the UAE from its “grey list” after identifying weaknesses in the Gulf state’s ability to address financial crime. The removal comes after the international body identified weaknesses in the Gulf state’s ability to address illicit financing for crimes ranging from terrorism to drug trafficking.

The countries removed from the grey list have taken significant steps to bolster their financial crime fighting systems and demonstrate the necessary political will to sustain and continue these changes. UAE’s Foreign Affairs Minister Sheikh Abdullah bin Zayed emphasized the country’s commitment to consolidate its unwavering approach and position within the world’s financial system by following all relevant international laws and conventions. Measures taken by the UAE to get off the grey list include beefing up legislation and strengthening its Executive Office of Anti-Money Laundering and Counter Terror Financing to address illicit money.

The Gulf Cooperation Council nation has also extradited many alleged financial criminals, improved a national registry of companies, and introduced an online system for reporting suspicious activities. Being on FATF’s grey list does not impose restrictions on a country, but anti-corruption campaigners argue that the move has come too soon for the Emirates and that the international community should pressuring the Gulf state to continue its reforms.

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