Middle East's financial capital and a gold trading hub, the UAE has entered the FATF’s ‘grey list’. It is a list of jurisdictions under increased monitoring list. The designation is potentially the most significant step taken by FATF in its three-decade history, given the UAE’s position as a regional financial center.
The Paris-based organization, set up by the Group of Seven major economies, has some two dozen countries under closer scrutiny. FATF said the UAE had made a high-level commitment to work on anti-money laundering and counter-terrorism financing, and had made “significant improvements” to elevate its systems.
By being on the grey list, the UAE risks reputational damage, it could raise costs for local banks doing business with global counterparts and complicate compliance issues for international lenders.
In 2020, FATF questioned the UAE’s system and called its limited number of money-laundering prosecutions a “concern.” It also urged the country to strengthen its anti-money laundering measures.
FATF said that as part of an action plan, the UAE must provide additional resources to its financial intelligence unit to strengthen its analysis function and ability to pursue high-risk money laundering threats.
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