UAE removed from FATF’s international list of countries with high risk of money laundering – Global

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The Financial Action Task Force (FATF) announced on Friday that the United Arab Emirates has been removed from its “grey list” of countries requiring increased monitoring. However, Kenya and Namibia have been added to the list due to deficiencies in their anti-money laundering systems. FATF head Raja Kumar explained that action plans have been developed to address these issues.

A total of 21 nations are currently on the grey list, with Barbados, Gibraltar, and Uganda also being removed along with the UAE. These countries have made significant improvements to their anti-money laundering and terrorist financing systems.

The UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan expressed satisfaction with the FATF decision, stating that it will enhance the country’s global position as a leading economic and investment hub. The UAE was put on the grey list in 2022 due to concerns about financial transactions and the influx of Russian money.

Over 200 countries have committed to implementing FATF recommendations, including applying countermeasures against high-risk jurisdictions like Iran and North Korea. Enhanced due diligence is also encouraged for dealings with Myanmar.

The FATF continues to condemn Russia for its invasion of Ukraine, suspending Russia’s participation in the organization. Members are taking proactive measures to protect the financial system from Moscow’s financial ties to countries under FATF countermeasures.

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