UAE:
Global anti-money laundering watchdog, the Financial Action Task Force (FATF), said on Friday it has removed the United Arab Emirates from the 'grey list' of countries subject to enhanced supervision, while adding Kenya and Namibia.
Countries on the list have “strategic deficiencies” in their efforts to combat money laundering and terrorist financing, but are working with the FATF to resolve the problems and are subject to enhanced supervision.
FATF head Raja Kumar said Kenya and Namibia had deficiencies in their anti-money laundering systems and action plans had been developed to address them.
A total of 21 countries are on the gray list.
In addition to the UAE, Barbados, Gibraltar and Uganda have been removed from the gray list.
“They have all taken substantial steps to improve AML-CFT safeguards and address all areas of their action plans,” Kumar said, referring to anti-money laundering and countering the financing of terrorism.
UAE Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan welcomed the FATF decision, saying the changes will “strengthen the country's leading status and competitiveness and enhance its position globally as an economic, trade and investment hub.” strengthen,” said the country's official news. Agency, WAM.
In recent decades, the UAE has sought to use its location in the Gulf to become a financial, trade and travel hub linking Asia and Europe. It was placed on the FATF gray list in 2022 over concerns about shady financial dealings and a flood of Russian money flowing into the country.
More than 200 countries and jurisdictions have committed to implementing FATF recommendations.
The FATF also has a 'blacklist' of countries considered high-risk jurisdictions.
Countries are urged to take countermeasures against Iran and North Korea to protect against money laundering and the financing of terrorism and weapons proliferation.
In the meantime, countries are urged to conduct enhanced due diligence on Myanmar.
The FATF also reiterated its condemnation of Russia for its invasion of Ukraine two years ago.
It suspended Russia's participation in the body last year, saying its members were taking proactive measures to protect the global financial system given Moscow's growing financial ties with countries subject to FATF countermeasures.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)