Paris: The Financial Action Task Force (FATF), an intergovernmental organization that sets standards and monitors compliance on anti-money laundering and counter-terrorism financing, announced on Friday that it has removed the United Arab Emirates (UAE) and three other countries from its ‘grey’ list of jurisdictions that have strategic deficiencies in their regimes.
The decision was made after a week-long plenary meeting of the FATF in Paris, where the UAE and the other countries – Barbados, Gibraltar, and Uganda – demonstrated significant progress in addressing the gaps identified by the FATF in their previous assessments. The FATF commended the UAE for its efforts to enhance its legal and regulatory framework, strengthen its supervision and enforcement, and increase its international cooperation and transparency.
The FATF said in a statement that these countries have effectively implemented the action plans agreed with the FATF and have addressed the most serious deficiencies in their systems. As a result, they will no longer be subject to the FATF’s increased monitoring process, which involves regular reporting and follow-up actions.
The removal from the ‘grey’ list is expected to boost the economic prospects and reputation of these countries, as they will face less scrutiny and sanctions from the international community. The FATF’s list of high-risk and non-cooperative jurisdictions can have negative implications for the countries’ access to finance, trade, investment, and development assistance, as well as their relations with global banks and financial institutions.
