UAE placed on money laundering watchdog’s ‘grey list’

Dubai, United Arab Emirates, July 5, 2021.

Christopher Pike | Bloomberg | Getty Images

An intergovernmental organization dedicated to combating money laundering and illicit cash flow placed the United Arab Emirates on its “grey list” on Friday over concerns that the Gulf country is not sufficiently curbing illegal financial activities.

The United Arab Emirates was one of several countries listed by the Financial Action Task Force as being under increased scrutiny due to “strategic shortcomings” in their anti-money laundering efforts.

“Jurisdictions under heightened scrutiny are actively working with the FATF to address strategic deficiencies in their anti-money laundering, terrorist financing and proliferation financing regimes,” the organization said.

“When the FATF places a jurisdiction under heightened scrutiny, it signifies that the country is committed to promptly addressing identified strategic deficiencies,” he continued.

The official Emirates News Agency, in a statement on Friday evening, said the FATF “recognizes that the UAE has made positive progress in its fight against money laundering (AML), the fight against financing of terrorism (CFT), and against the financing of proliferation (CPF)”.

The monitoring group’s “grey list” is not as severe as its “black list,” which includes North Korea and Iran.

The other countries on the gray list are Pakistan, Turkey, Jordan and Yemen.

The United Arab Emirates is the financial center of the Middle East, home to the headquarters of many international companies, one of the busiest airports in the world and an expat population of around 90%.

“The UAE takes its role in protecting the integrity of the global financial system very seriously and will work closely with the FATF to promptly address identified areas for improvement,” the UAE agency in charge of the fight said. against money laundering, according to the Emirates News Agency. .

UAE placed on money laundering watchdog’s ‘grey list’

Source link UAE placed on money laundering watchdog’s ‘grey list’

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