The Financial Action Task Force on Money Laundering (FATF) has assessed the United Arab Emirates, which opens the way for the country to be removed from the "gray list" of jurisdictions that do not comply with the rules. This is reported in an article by POLITICO, UNN reports.
After extensive discussions with the authorities, the on-site team confirmed that the measures taken by the UAE to effectively investigate and prosecute high-risk money laundering cases are robust
The UAE says it has complied with FATF requirements and is committed to fighting money laundering. But critics say the decision shows how far longtime advocates of tighter money laundering controls are willing to compromise at a time of growing global instability, amid wars in Europe and the Middle East.
Context
Previously, some FATF experts believed that the group's desire to remove the UAE from the gray list was driven by political considerations rather than the country's progress in combating money laundering.
A group of European countries that initially supported the imposition of sanctions against the UAE began calling on the organization to remove the country from the gray list last year. This change coincided with Europe's efforts to enlist the support of the Gulf states in addressing its energy needs after russia's all-out invasion of Ukraine, which almost completely cut off Russian natural gas supplies to the EU.
Великі банки ОАЕ обмежили розрахунки з рф і почали закривати рахунки клієнтів – ЗМІ19.02.24, 10:52
The FATF placed the UAE on the gray list in March 2022, citing serious shortcomings in the Gulf state's measures against sanctions evasion, terrorist financing, and other crimes. According to officials in the United States and Europe, the country has been a key conduit for Iran to trade and circumvent sanctions.
Putting the country on the "blacklist" The FATF blacklisting was a significant reputational blow to the largest financial center in the Middle East, and also threatened to downgrade the country's long-term credit ratings. UAE officials lobbied hard to have the country removed from the list.
У Німеччині розкрили російсько-євразійську мережу з відмивання грошей21.02.24, 09:59