News | FATF drops UAE from monetary crime watch listing
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FATF drops UAE from monetary crime watch listing

The UAE flag is raised over a ship at Dubai Marina, Dubai, United Arab Emirates on May 22, 2015. – Reuters
  • The UAE was listed underneath strict scrutiny in 2022.
  • The FATF now not considers the UAE to be susceptible to illicit cash flows.
  • “Investors… could really feel safer,” says skilled on delisting.

Dubai/Paris: The Financial Action Task Force (FATF) has eliminated the United Arab Emirates (UAE) from its “gray listing”, marking a victory for the nation that seeks to strengthen its worldwide place. information Reported on Saturday.

Following its delisting, the United Arab Emirates – house to Dubai, a glitzy monetary hub – is now among the many nations now not on the worldwide watch listing of nations susceptible to illicit cash flows.

The FATF grey listing contains practically two dozen nations which might be at the moment thought-about dangerous when it comes to their shortcomings in combating monetary crime. The Gulf nation – which stays a magnet for millionaires, bankers and hedge funds – was listed underneath strict scrutiny in 2022.

The nation’s delisting is a coup for the one-time regional pearl and fish buying and selling heart that’s now one of many wealthiest nations on the earth after oil was found in Abu Dhabi within the late Nineteen Fifties.

It had prioritized withdrawal from the listing, strengthening its anti-money laundering efforts underneath the management of overseas affairs minister and brother of President Mohammed bin Zayed Al Nahyan.

John Kartonchik, director of UAE assume tank Re/Think, mentioned the transfer may increase confidence within the nation and entice extra funding from overseas.

“Investors … can really feel safer,” he mentioned.

Banks may even be capable to lower transaction prices with rich clients within the nation, mentioned a senior banker on situation of anonymity. Despite being grey-listed, the UAE continues to draw the world’s rich and has grow to be an more and more in style vacation spot for cryptocurrency corporations and Russians within the wake of the struggle with Ukraine.

Dubai’s luxurious property market is projected to broaden in 2022, behind solely New York, Los Angeles and London, based on property marketing consultant Knight Frank, whereas the UAE overtook Belgium final yr to grow to be the world’s buying and selling hub for tough diamonds. Jonny Bell, director of economic crime compliance and funds at LexisNexis Risk Solutions, mentioned the UAE will seemingly proceed to strengthen its anti-money laundering and counter-terrorism financing measures.

There is growing competitors amongst Gulf nations to develop non-oil sectors equivalent to monetary companies, commerce and logistics, and tourism. Attracting cash from overseas is a central a part of that effort.

Measures taken by the UAE embody growing monetary investigations and prosecutions, selling worldwide cooperation, and aligning digital asset regulation with worldwide requirements.

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Vardan Patterson
Vardan Patterson
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