An intergovernmental group devoted to combating money laundering and illicit money flows on Friday placed the United Arab Emirates on its “gray list” over issues that the Gulf nation is not sufficiently stemming unlawful monetary actions.
The UAE was one in every of a number of nations listed by The Financial Action Task Force as being beneath elevated monitoring because of “strategic deficiencies” of their efforts to counter money-laundering.
“Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing,” the group mentioned.
“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies,” it continued.
The state-run Emirates Information Company, in a statement published late Friday, mentioned the FATF “has recognised that the United Arab Emirates has made positive progress in its anti-money laundering (AML), countering the financing of terrorism (CFT), and counter proliferation financing (CPF) efforts.”
The watchdog group’s “gray list” is not as extreme as its “black list,” which incorporates North Korea and Iran.
Different nations on the grey record embody Pakistan, Turkey, Jordan and Yemen.
The UAE is the monetary hub of the Center East, house to quite a few worldwide firms’ headquarters, one of many world’s busiest airports, and a roughly 90% expat inhabitants.
“The UAE takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified,” mentioned the UAE’s company accountable for combating money laundering, in keeping with Emirates Information Company.