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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.

 

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Dutch Private Foundation

Dutch Private Foundation is a civil law alternative for the Anglo-Saxon Trust for the purpose of asset protection. It is a legal entity with its own rights and obligations, can hold assets in its own name and have beneficiaries including a settlor.

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