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