UAE Nears Removal from FATF Grey List, Four Countries Delisted

The UAE is making significant progress towards its potential removal from the Financial Action Task Force (FATF) Grey List. 

The country has consistently improved its compliance measures to combat money laundering and is expected to undergo on-site visits to verify these changes.

Subheading 2: Four Countries Delisted:

Recently, Jordan, the Cayman Islands, Panama, and Albania have been successfully removed from the FATF Grey List. 

These countries demonstrated that they met the action points set by FATF during on-site inspections.

UAE’s Compliance Measures:

The UAE, a global financial hub, has introduced substantial compliance measures to address money laundering issues. 

These measures include facilitating money-laundering investigations, imposing sanctions on non-compliant financial institutions, and increasing prosecutions. 

FATF recognizes this progress and will conduct on-site visits to ensure the sustainability of these changes.

Potential Removal and Upcoming Review:

A successful on-site inspection could pave the way for the UAE’s removal from the Grey List, along with other jurisdictions such as Barbados, Gibraltar, and Uganda. 

The next FATF review is scheduled for April/May 2024, and given the UAE’s consistent progress, its removal from the list is anticipated.

FATF’s Role and Standards:

The Financial Action Task Force issues international standards, known as the FATF Standards, to promote the effective implementation of standards for combating money laundering and terrorist financing. 

These standards comprise 40 recommendations for countries to implement to demonstrate an effective Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime.