In a significant achievement for the nation, the United Arab Emirates (UAE) has been successfully removed from the 'grey list' of countries deemed susceptible to financial crime by the Financial Action Task Force (FATF). This development, announced on Friday, marks a noteworthy victory for the UAE on the global stage.
The FATF, an international body comprising nations ranging from the United States to China, said: “The FATF plenary congratulated Barbados, Gibraltar, Uganda, and the UAE for their significant progress in addressing the strategic AML/CFT [anti-money laundering and combating the financing of terrorism] 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 time frames. These countries will no longer be subject to the FATF’s increased monitoring process.”
The removal of the UAE from this watchlist underscores the nation's commitment to enhancing its financial regulatory framework and combating illicit activities within its borders. The decision reflects the significant strides taken by the UAE in implementing robust measures to ensure the integrity of its financial system.
This accomplishment is poised to bolster the UAE's reputation on the international stage, affirming its dedication to maintaining a transparent and secure financial environment. The removal from the 'grey list' is likely to inspire confidence among global investors and financial institutions, thereby promoting increased economic collaboration with the UAE.