FATF ‘Grey List’ Exit in Sight for UAE

The United Arab Emirates (UAE) is making significant strides towards exiting the Financial Action Task Force (FATF) 'grey list,' which comprises countries under increased monitoring for deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CTF) regimes.

The United Arab Emirates (UAE) is making significant strides towards exiting the Financial Action Task Force (FATF) ‘grey list,’ which comprises countries under increased monitoring for deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CTF) regimes. Recent progress has been observed in areas such as facilitating money-laundering investigations, imposing sanctions on non-compliance at financial institutions and increasing prosecutions. The Central Bank of the UAE has been enforcing strict AML regulations, penalising companies for violations and driving the country’s efforts towards compliance with international financial standards. The FATF has noted the UAE’s commitment to combating financial crime, resulting in improved ratings and acknowledgment of the country’s efforts.

The UAE’s progress places it on track for potential removal from the grey list in February 2024, pending a successful on-site inspection. We will update you soon.

Want to know more about regulatory environment in the UAE? Drop us an email (office@bensonformations.com) or give us a call (+44 20 3974 1244) for expert advice on AML and CTF compliance.

 

Share:

More Posts

Panama celebrated its exit from FATF ‘Grey List’

Panama has achieved a significant milestone by exiting the Financial Action Task Force (FATF) grey list of financially high-risk countries. The FATF plenary meeting in Paris recognized Panama’s strengthened anti-money laundering and counter-terrorism financing prevention system and its implementation of substantial standards.

Thailand’s new law on Foreign Income for Tax Residents

Previously, Thai tax residents were taxed  only on their foreign-sourced income if it was brought into Thailand within the same tax year. However, starting from January 1, 2024, foreign-sourced income brought by Thai residents into Thailand will be subject to Thai personal income tax irrespective of when it was brought into Thailand.

Corporate Tax in Luxembourg

Luxembourg’s tax system distinguishes between corporate residents and non-residents. While corporate residents are required to pay taxes on their worldwide income, corporate non-residents are only taxed on their Luxembourg source of income, i.e. income originating within Luxembourg’s borders.

Send Us A Message