UAE facing reputational risk over AML

Money laundering 1The Financial Action Task Force (FATF), the global authority for anti-money laundering (AML) and counter-terrorist financing, is reportedly considering placing the UAE on a ‘greylist’ due to its poor record on AML compliance. A report by Bloomberg News stated that the UAE is in danger of following the likes of Malta, Haiti, South Sudan and the Philippines onto a list of countries that would be subjected to increased monitoring.  The FATF recently released its consolidated table of assessment ratings, a follow up from the 2020 Mutual Evaluation Reports into the 205 jurisdictions that have committed to implementing the agency’s recommendations. The UAE performed poorly in both and was deemed to have been ineffective in four of the FATF’s “immediate outcomes” and only partially compliant with six of the FATF’s 40 recommended technical requirements.  The FATF did note, however, that the UAE has “significantly strengthened relevant laws and regulations” and that the elements of an effective framework are “mostly in place”. However it added that “as a major global financial centre and trading hub, it must take urgent action to effectively stop the criminal financial flows it attracts”. ©2022 funds global mena


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