UAE Gets Removed from the FATF Financial Crime Monitoring List
The United Arab Emirates (UAE) has been removed off the Financial Action Task Force's (FATF) "grey list," which is a victory for the nation seeking to improve its standing abroad, The News said on Saturday.
The United Arab Emirates (UAE), which is home to the vibrant financial center of Dubai, was taken off the list of nations on whom the international watchdog was keeping an eye out for the possibility of illegal money flows.
About twenty nations are now on the FATF's grey list because of their insufficient efforts to combat financial crime. Under close examination in 2022, the Gulf nation—which continues to attract millionaires, bankers, and hedge funds was listed.
The delisting of the nation is a major victory for the once-important regional hub for the trade of fish and pearls, which is today among the richest countries in the world due to the discovery of oil in Abu Dhabi in the late 1950s.
It had made getting off the list a priority, strengthening its anti-money-laundering measures under the direction of the Foreign Affairs Minister and President Mohamed bin Zayed Al Nahyan's brother.
According to John Kartonchik, a director at the UAE think tank Re/think, the action may increase foreign investment and foster national trust.
He stated, "Investors may feel more secure."
Property consultancy Knight Frank estimates that in 2022, Dubai's luxury real estate market would only fall behind that of New York, Los Angeles, and London. Meanwhile, the UAE surpassed Belgium in its position as the global center for rough diamond dealing last year.
According to Jonny Bell, director of payments and financial crime compliance at LexisNexis Risk Solutions, the United Arab Emirates will probably keep stepping up its efforts to fight money laundering and the funding of terrorism.
The Gulf States are competing more and more to grow non-oil industries including financial services, commerce and logistics, and tourism. Bringing in foreign funding is a major component of that goal.
The United Arab Emirates (UAE) has implemented several measures, such as augmenting financial inquiries and legal actions, encouraging global collaboration, and improving virtual asset monitoring with international standards.
