The UAE has been removed from the Financial Action Task Force’s “grey list” following significant progress in combating money laundering and terrorism financing.
This decision came after a thorough on-the-ground review, with the UAE being placed on the list in 2022. The task force also removed Barbados, Gibraltar, and Uganda from the grey list during its plenary meeting in Paris.
The UAE’s Minister of Foreign Affairs, Sheikh Abdullah bin Zayed, applauded the move, attributing it to collective efforts and expressing a commitment to strengthening the country’s global position.
The task force praised these jurisdictions, including the UAE, for addressing strategic deficiencies and implementing action plans to combat money laundering and terrorism financing.
The UAE, along with the others, will continue to cooperate with regional bodies and enhance their anti-money laundering regimes. The country’s progress includes measures to aid money-laundering investigations, sanctions for non-compliance at financial institutions, and increased prosecutions. The UAE has demonstrated commitment through the establishment of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing in 2021 and significant financial seizures and fines in recent years. The country remains dedicated to expanding its international cooperation and building sustainable capabilities in combating money laundering and terrorism financing.
For any of our services, Contact Us
