UAE Successfully Leaves FATF 'Grey' List After Reforms
- Publish date: Friday، 23 February 2024 | Last update: since 5 days
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The United Arab Emirates (UAE), housing Dubai's financial hub, celebrates a significant achievement as it is removed from the Financial Action Task Force's (FATF) 'grey list' of nations prone to illicit money flows.
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The FATF's decision recognizes the UAE's efforts to combat financial crime, a move that could enhance the nation's global reputation. Initially placed under increased scrutiny in 2022 due to concerns about money laundering and terrorist financing, the UAE has prioritized anti-money laundering initiatives, leading to its removal from the watchlist.
This accomplishment is particularly noteworthy for the UAE, once a regional pearl and fish trading hub, now evolved into one of the world's wealthiest nations since the discovery of oil in Abu Dhabi in the late 1950s. Minister of Foreign Affairs and President Mohamed bin Zayed Al Nahyan's brother spearheaded the nation's drive to improve its anti-money laundering measures.
The delisting is anticipated to instill confidence among investors, potentially attracting more foreign capital. Banks operating in the UAE could also benefit from reduced costs associated with serving high-net-worth clients. Despite its grey-listed status, the UAE continued to draw global wealth and positioned itself as a hub for cryptocurrency firms and Russians.
With a booming luxury property market and a growing status as a global trading hub for rough diamonds, the UAE's removal from the FATF watchlist underscores its resilience and attractiveness to international businesses.
The nation is expected to continue strengthening its anti-money laundering and counter-terrorism financing measures, aligning with global standards. As Gulf states vie for prominence in non-oil sectors, attracting foreign investment remains a focal point, and the UAE's delisting is a positive step toward achieving this goal.