UAE must demonstrate effectiveness before being removed off the list of financial crimes, according to the Economy Minister

 

UAE

Before being removed from a worldwide watchdog's 'grey' list, the UAE needs more time to show that its policies against financial crime are working and being enforced, the economics minister told Reuters.

The UAE was listed on the Financial Action Task Force's "grey list"—a group of countries that require greater monitoring—just over a year ago. In response, the UAE stated that it was determined to work closely with FATF to advance.

"We have dealt with numerous difficulties. However, a lot of effectiveness must be shown right away, and I believe it will take time, according to Economy Minister Abdullah bin Touq Al-Marri, who was speaking in London at the City Week conference.

Marri said that the UAE had successfully addressed the majority of the 58 initial FATF issues and had only about 15 outstanding.

"We've been able to close a few of them, and I believe there will be more in the coming months."

The UAE, an oil and gas producer that promotes its business-friendly reputation and supports opulent expat lifestyles, has tightened rules in recent years to combat its reputation as a hub for illegal financial activity.

In February, FATF stated that the UAE has made substantial strides, particularly in terms of collaborating with other nations on investigations.

In its 2020 evaluation, the FATF urged "fundamental and major improvements," with a focus on facilitating global anti-money laundering investigations and risk management in sectors like real estate and precious metals and stones.

It's too early to predict when the UAE will be taken off the list, according to Marri.

The FATF would need to travel to the UAE as part of the procedure. When it happened, Marri declared he was "very sure" the nation will be removed from the list.

"We're on the right track. High leadership is monitoring the situation. We meet once a week," he stated, listing a number of actions taken so far, such as better training for the private sector.

After implementing legislation against money laundering and terrorism financing in 2018, the UAE established an Executive Office for Anti-Money Laundering and Counter Terrorism Financing in 2021

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