The UAE has been removed from the Financial Action Task Force’s (FATF) ‘grey list,’ it has been announced. This comes two years after it was added to the list.
The ‘grey list’ is a list of jurisdictions under increased monitoring due to strategic deficiencies regarding money laundering, terrorist financing and proliferation financing.
The global financial watchdog announced the country’s removal from the list on Friday, following FATF’s plenary meetings.
In a statement, the task force said: “The FATF plenary congratulated Barbados, Gibraltar, Uganda and the United Arab Emirates for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations.”
“These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.”
This, it was shared, follows a “successful on-site visit to each of these countries.”
“Each country will work with the FATF-Style Regional Body, of which it is a member, to continue strengthening their AML/CFT/CPF regimes,” it said.
Speaking on the announcement, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, said: “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub.”
Meanwhile, in a statement, Abu Dhabi Global Market (ADGM) congratulated the government of the UAE and the Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Countering of Terrorism Financing on the FATF’s decision.
“FATF’s decision stands as a testament to the remarkable progress the country has made over the past two years in addressing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures,” it said.
Adding: “ADGM is committed to continuing its collaboration with the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, the CBUAE and other key stakeholders of the UAE in fortifying its AML/CTF framework and aligning with the UAE’s national risk assessment initiatives. This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing.”