UAE removed from Financial Action Task Force 'Grey List'

The UAE has been officially removed from the Financial Action Task Force's (FATF) ‘grey list’. The Paris-based watchdog’s decision comes as a testament to the nation's unwavering commitment to combatting money laundering and terrorism financing.

The UAE's journey towards this achievement has been marked by rigorous reforms and comprehensive reviews. Placed on the FATF's heightened monitoring list in 2022, the country embarked on a transformative path to address key concerns outlined by the FATF.

Following a thorough on-the-ground evaluation, the FATF recognised the UAE's substantial progress, leading to its removal from the grey list. This development places the UAE among esteemed company, alongside other jurisdictions such as Barbados, Gibraltar, and Uganda, which have also demonstrated commendable strides in enhancing their anti-money laundering and counter-terrorism financing frameworks.

The decision elicited praise from key figures within the UAE government, including Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism. Sheikh Abdullah attributed this success to the concerted efforts of various ministries, the federal government, and local entities, highlighting the collective commitment to upholding global standards and fortifying the UAE's position as a leading economic and investment hub.

Abdulla bin Touq, Minister of Economy, echoed these sentiments, emphasising the pivotal role of a robust national system in bolstering the UAE's stature as a global trade and investment destination.

Beyond governmental accolades, the announcement garnered widespread acclaim from entities such as the Abu Dhabi Department of Economic Development and Abu Dhabi Global Market, underscoring the broader recognition of the UAE's achievements in bolstering financial integrity and transparency.

The FATF's acknowledgment of the UAE's progress underscores the nation's steadfast resolve to adhere to international standards and collaborate closely with regulatory bodies. Moving forward, the UAE remains committed to sustaining its momentum, further strengthening its anti-money laundering and counter-terrorism financing regimes, and fostering greater international cooperation in the global fight against financial crime.

This landmark achievement not only reflects the UAE's dedication to fostering a secure and transparent financial environment but also positions the nation as a beacon of excellence in the global effort to safeguard financial systems against illicit activities.

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