UAE announces its official removal from the FATF "grey" list

Asma Ahmed - | UAE

The removal of the United Arab Emirates, which accommodates the Dubai financial center, from a global watchdog's list of countries susceptible to illicit money transfers represents a noteworthy accomplishment for the country that may bolster its international standing and attract greater foreign investment.

The Financial Action Task Force (FATF), an international organization dedicated to combating financial crimes, officially removed the UAE from its 'grey list' of approximately two dozen nations deemed high-risk for financial activities.

In 2022, the UAE came under increased scrutiny when the FATF identified concerns regarding money laundering and terrorist financing, particularly in sectors such as banking, precious metals, real estate, and stones. This removal from the list represents a triumph for the UAE, which has transformed from a regional trading hub to one of the world's wealthiest nations following the discovery of oil in Abu Dhabi in the late 1950s.

The Minister of Foreign Affairs, who is the brother of President Mohamed bin Zayed Al Nahyan, led efforts to address these concerns, demonstrating a national commitment to enhancing anti-money laundering measures.

John Kartonchik, a director at the UAE-based think tank Re/think, suggested that this development could instill greater confidence among investors, potentially attracting more foreign capital into the country. Moreover, financial institutions operating in the UAE may benefit from reduced compliance costs associated with serving affluent clients, thereby fostering a more conducive business environment.

Despite its gray-listed status, the UAE has continued to attract high-net-worth individuals globally and has emerged as a preferred destination for cryptocurrency firms and Russian investors, particularly amid geopolitical tensions.

Dubai's luxury real estate market ranked among the top globally in 2022, trailing only behind major cities like New York, Los Angeles, and London, while the UAE has also ascended to become the world's leading trading hub for rough diamonds, surpassing Belgium.

Looking ahead, Jonny Bell, director of financial crime compliance and payments at LexisNexis Risk Solutions, emphasized the UAE's ongoing commitment to enhancing anti-money laundering and counter-terrorism financing measures.

As Gulf states intensify efforts to diversify their economies beyond oil, attracting foreign investment becomes pivotal, with the UAE implementing various measures such as enhancing financial investigations, bolstering international cooperation, and aligning virtual asset regulations with global standards to remain competitive in attracting capital from abroad.

About Author

Asma Ahmed
Asma Ahmed
1513 Total posts


Read Also

UAE
UAE Mandates Indians Eligible for Pre-Approved Visa to Apply Online First

To be eligible for a pre-approved visa-on-arrival for 14-day visits to the UAE, Indian nationals in possession of an ordinary passport and a US green card or residence visa in the United Kingdom or the European Union must first submit an online...

UAE
A Canadian Billionaire Dies post Gym Workout at Luxury Five-Star Resort in Dubai

Ajmal Hasan Khan, a prominent Canadian billionaire and the visionary founder of the Caribbean Premier League (CPL), tragically passed away at the age of 60 following a suspected cardiac arrest. The incident occurred after a workout session at a...

UAE
Dubai Launches New RTA App Update to Renew Licenses, Pay Parking Faster

In an effort to streamline services and improve the user experience, Dubai has launched a significant update to the Roads and Transport Authority (RTA) app.

UAE
Dubai Roads Authority upgrades Sheikh Rashid St. to energy-efficient LED lights

Sheikh Rashid Street serves as a vital thoroughfare traversing the heart of the city, boasting an impressive expanse of 10 lanes. As one of Dubai's primary roadways, it plays a pivotal role in facilitating the flow of traffic and connecting...

UAE
Abu Dhabi Introduces 3-Day Sale, Dh100,000 Gifts & Comedy Shows this weekend

Abu Dhabi gears up for an exciting weekend filled with entertainment and festivities across its mainland, islands, and suburban areas.

UAE
Authorities decide to partially close the main road in Abu Dhabi during weekends for two months

It has been decided by the authorities that the major route in Abu Dhabi will be partially closed on weekends for a period of two months.

UAE
GDRFA sets out the conditions for obtaining a short-term UAE visa on arrival

The GDRFA outlines the requirements for obtaining a UAE visa for a limited period of time upon arrival.

UAE
The UAE grants some travelers a pre-approved visa upon arrival, with conditions

Upon arrival, the United Arab Emirates (UAE) provides certain tourists with a pre-approved visa, subject to certain requirements.

UAE
Emirati companies grant their employees maternity leave for one year and paternity leave for 42 days

Employees of Emirati enterprises are eligible for maternity leave for a period of one year and paternity leave for a period of forty-two days.

UAE
UAE: Egyptian man finds Dh149,000 cash in an ATM and returns it back to police

Abdel Fattah Mahmoud Abdel Fattah, an Egyptian national residing in Ajman, UAE, stumbled upon a significant sum of money while using an ATM. The amount, totaling Dh149,000, presented Abdel Fattah with a moral dilemma.

UAE
 The cost of traveling by air taxi in the UAE from Dubai to Abu Dhabi

How much does it cost to take an air taxi in the United Arab Emirates from Dubai to Abu Dhabi?

UAE
Jobs that qualify for a 10-year blue visa in the UAE

There are jobs in the United Arab Emirates that qualify for a blue visa, valid for a decade.

UAE
A long holiday is soon for UAE residents

Residents of the UAE will soon be enjoying a lengthy vacation. Do you plan to combine the five-day Eid al-Adha holiday with your annual leave? 

UAE
Dubai launches 30 electric buses to serve commuters in 3 major areas

The Roads and Transport Authority (RTA) in Dubai is set to introduce a fleet of 30 electric buses to cater to passengers in key areas such as Business Bay, Al Wasl Road, and Dubai Mall. Thirty electric buses will soon be available to users at...

UAE
UAE destroys over 400 mosquito site in anti-dengue campaign

The UAE health authorities have successfully eradicated 409 mosquito breeding sites identified as potential sources of dengue fever, according to a senior government official.

UAE
UAE Announces Expected Rise in Airfares for Summer Flights

Travel agents report that bookings for popular destinations like the Maldives have surged by over 10%. However, the increase in demand comes amid concerns that airfares in the UAE and globally might rise due to a shortage of available seats.

UAE
UAE fined a Company Dh450,000 for violating trading, investment rules

On Tuesday, officials in Abu Dhabi announced that an online investing and trading platform had been penalized around Dh450,000 for issuing securities without a valid prospectus.

UAE
Abu Dhabi restaurants are preparing to raise prices soon

In the near future, restaurants in Abu Dhabi plan to increase their prices.

UAE
Emirates flight cancellation: An accident in the sky damaged the Emirates plane

Emirates flight cancellation: The aircraft sustained damage in midair due to an accident.

UAE
UAE to Deploy 100 Free, Fast-Charging EV Units Across All Seven Emirates

The UAE has marked a significant milestone in its sustainability journey with the official launch of UAEV, the first government-owned electric vehicle (EV) charging network in Abu Dhabi.

UAE Police Cautions drivers against making noise in residential areas