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6th January 2022

 

The global financial watchdog, Financial Action Task Force (FATF), considers the United Arab Emirates under graylist countries for non-compliance. According to FATF, the UAE shows incompetencies to mitigate money laundering and terror finance activities. Despite recent efforts, the government is stem to control money laundering. To take a foul of itself, UAE is operating to update its regulations and adopt necessary steps.  

 

At the time, Ahmed Ali Al Sayegh, Minister of State, said that the UAE continued to exert great efforts to combat money laundering considering government agencies have joined forces to consolidate their capabilities to combat financial crimes. Many global regulators order financial institutions and banks to update their risk policies and perform customer due diligence with automation.

 

Some 23 countries are under closer scrutiny by the FATF, with only Iran and North Korea on its highest-risk blacklist. A gray listing applies to countries that have" strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing” but which are committed to addressing the issues “swiftly,” according to its website.

 

According to reports, the UAE government has hired consultants such as K2 Integrity. The New York-based firms leaders include Juan Zarate, who oversaw efforts to fight terrorist financing and financial crimes at the US Treasury Department under George W Bush. A source told CNN that the UAE has also hired Financial Transparency Advisors, a Vienna-based firm led by former FATF officials Gabriele Dunker and Michael Stellini, and former NCA official Richard Gould.

 

FATF suggests taking it as a challenge and opportunity to tackle money laundering and install automated systems that help catch bad actors in crime. It will reduce corruption and discourage terror organizations as well. 

 

Source: Wealth Briefing Asia

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