The European Union announced on Tuesday that the United Arab Emirates had been removed from its “high-risk” record in a major development for its global economic standing. The UAE’s increased efforts to combat economic acts are now being recognized more widely around the world. Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda were the only other nations that were left out of the record along with the UAE.
A New Addition and Deletion in a Shifting Panorama
The European Commission also revealed fresh changes while the UAE and people left the high-risk record. In addition to different nations whose money laundering laws are now being scrutinized more closely, Monaco was included. Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela are these recently added nations. The Financial Action Task Force ( FATF), a Paris-based international watchdog, has been evaluated closely by the EU’s decision. The FATF compiles a “grey listing” of nations under increased surveillance after reviewing the efforts of around 200 nations and jurisdictions in preventing money trafficking and terrorism financing. Importantly, the FATF had now added Laos and Nepal to its list of nations that were receiving more surveillance in February and removed the Philippines from its record. Since mid-2020, Montaco has been listed on the FATF record, which also includes Croatia and Bulgaria, two EU member states.
Commitment to new requirements and standards for the global market
The importance of this release was highlighted by Maria Luis Albuquerque, the EU’s director for economic service. The commission has now updated the Union record, which “reaffirms our unwavering commitment to complying with global standards, especially those established by the FATF,” she added. The member state and the European Parliament will now be in charge of its investigation. The revised listing will formally enter into power within one month, as requested by the Commission, if there are no objections. Unless the European Parliament or the Council of the Union make a decision in the absence of a change, Montaco’s government issued a declaration acknowledging their projected inclusion on the International list. The kingdom also emphasized its unwavering commitment to “take all necessary measures to get removed from the FATF’s dark list in the short term,” which indicates proactive measures to tackle global concerns. Read more about the UAE’s main money-laundering assault and its collection of Dh339 million in fines.
A Look at Current Initiatives in the UAE’s Vigilant Position
The UAE’s inclusion on the EU’s high-risk list comes as a result of the Emirates ‘ significant and widely known efforts to improve its anti-money fraud and counter-terrorism funding construction. Over Dh339 million in fines have been levied against regional trade houses, foreign banks trees, and insurance companies in recent months by UAE officials. This violent stance includes imposing severe penalties, working with structural flaws to identify suspicious transactions, and expanding governmental supervision to high-risk industries like real estate, gold and jewelry trading, auditing, and business service providers. Additionally, the UAE Ministry of Economy and Dubai Police have collaborated to improve the monitoring and sharing of recipient rights information, bolstering the country’s commitment to safeguarding its financial system from misuse.
