Last Updated on: 17th July 2023, 06:06 am
UAE is Committed To Detecting Money Laundering And Terrorist Financing Networks
The United Arab Emirates (UAE) has declared that they are committed to fighting money laundering (ML) and terrorist financing (FT). She actively works with the Financial Action Task Force (FATF) to ensure that all measures to combat these criminal activities are implemented.
During the recent plenary session in Paris, the FATF recognized the progress made by the UAE and commended its political commitment.
The UAE’s efforts to combat financial crime have been widely recognized and this recognition by the FATF is seen as a major boost for the country’s financial sector.
In March 2022, the Financial Crimes Regulator placed the United Arab Emirates on its extended watch list, known as the “grey list”. Since then, the UAE has been working to combat ML, FT, and other financial crimes.
Despite being on the gray list, the UAE has seen significant economic growth as High Net Worth Individuals (HWNIs) continue to invest in the country.
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