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
1499 Total posts

Read Also

Abu Dhabi announces that traffic on some roads will be diverted until June 9

It has been announced by Abu Dhabi that certain routes will be closed till June 9 due to traffic congestion.

Dubai: Statement from the Roads Authority regarding amending traffic times and new lanes

The Roads and Transport Authority and the Dubai Police General Headquarters have revised the schedule for truck traffic on Sheikh Mohammed bin Zayed Road, specifically the segment between Ras Al Khor Street and the Emirate of Sharjah, in both...

A yellow alert was issued for UAE residents due to the weather in the coming hours

A yellow notice has been issued for UAE citizens because of the expected weather in the next several hours.

UAE Airlines issued a new statement regarding international flights to some destinations

UAE Airlines published this announcement about international flights to various destinations.

UAE earthquake: The residents of the Emirates feel an earthquake in some areas

Residents in several regions of the United Arab Emirates have reported feeling the effects of an earthquake.

UAE visa: The UAE will provide new types of long-term visas in 2024

The United Arab Emirates (UAE) will begin offering new sorts of long-term visas in the year 2024.

Abu Dhabi Police warns residents of new scams

The Abu Dhabi Police Department is warning residents about new frauds.

The UAE announces a heavy fine of up to 100 thousand dirhams

The UAE Ministry of Human Resources and Emiratization (MoHRE) said on Friday that more than 1,370 private enterprises will be subject to severe penalties after it was discovered that they had broken the Emiratization regulations.

The UAE imposes fines of up to DH 100,000 on 1,300 companies for Emiratisation violations

The United Arab Emirates (UAE) levies fines of up to DH 100,000 on 1,300 businesses for violations of the Emiratization law.

The UAE announces the deaths of two policemen while performing their duties in Abu Dhabi.

The United Arab Emirates (UAE) reported that two police officers died while performing their duties in Abu Dhabi.

Dubai Police issued special instructions to vehicle owners today.

The Dubai Police Department sent special instructions to car owners today during the President's Cup Finals.

Emirates Airlines provides new job opportunities for residents and gives its employees 20-week bonuses

Emirates Airlines offers new job opportunities to residents and offers 20-week incentives to its employees.

A resident in Dubai wins a million dollars

A woman received a million dollars after using her husband's financial gift to buy a duty-free ticket to Dubai.

The UAE employees take a long holiday on Eid al-Adha

On the occasion of Eid al-Adha, the employees of the UAE take a lengthy vacation.

Airline offers are available in the Emirates on the occasion of the Eid Al-Adha holiday

On account of the Eid al-Adha festival, the Emirates of the United Arab Emirates are offering special deals on airline tickets because of the Eid al-Adha festival.

The UAE announces a single visa that allows its holders to travel to 6 countries for work and leisure

The UAE announced the availability of a single visa that entitles its holders to business and leisure travel to six nations.

The steps to extend a UAE visa: documents and fees required to renew a Dubai visa

The procedures for extending a UAE visa include the necessary paperwork and costs.

The UAE Police explains to employees the procedures for filing complaints against abusive co-workers

Employees receive instructions from the UAE Police on the procedures to follow when filing complaints against abusive coworkers.

The UAE announces a new 10-year blue residency permit

The United Arab Emirates has declared a permanent residence for environmentalists.

New UAE Blue Visa: A new visa for UAE residents for 10 years

The Blue Visa, a new visa for citizens of the United Arab Emirates, is available.

UAE Police Cautions drivers against making noise in residential areas