On February 23, 2024, the Financial Action Task Force (FATF) officially removed the United Arab Emirates from its grey list, signaling the end of enhanced monitoring on financial transactions originating from the UAE.

Anrike Visser, Senior Advisor on Illicit Finance Policy to The Sentry, expressed concerns about the UAE's removal from the grey list. The Sentry is raising questions about the ongoing role of the UAE in facilitating the illicit arms and gold trade that fuels the war in Sudan.

Despite being delisted, evidence points to the UAE's involvement in supplying arms to warring parties in Sudan, a violation of the 2005 UN arms embargo. The United Nations Panel of Experts recently leaked a report citing "credible" evidence of this ongoing role.

The leaked UN report reveals that gold linked to the Rapid Support Forces (RSF), accused of war crimes in Sudan, continues to flow into Dubai. This trade persists even after the outbreak of the conflict, with half of Sudan's mined gold being smuggled out of the country.

The report highlights the involvement of a Dubai-based financial advisor and former official of the Sudanese Central Bank in managing the RSF's international network of proxy companies,indicating complicity in the illicit trade.

While the UAE had significantly improved its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework on paper since being greylisted, recent transgressions raise doubts about its practical effectiveness.

The timing of the UN report, released only a month after the UAE's removal from the grey list, has raised concerns about the credibility of the FATF process. It brings attention to potential flaws in the assessment of the UAE's financial practices.

The report underscores the continued suffering of the people of Sudan, who bear the consequences of the UAE's actions daily. The illicit arms and gold trade fueled by the UAE contributes to the prolonged conflict and humanitarian crisis in Sudan.

The concerns expressed by The Sentry emphasize the real-world impact of financial decisions on the ground, particularly in conflict zones, where the consequences are felt by vulnerable populations. The situation calls for renewed international scrutiny and attention to address the discrepancies between the observed actions of the UAE and the standards set by global financial oversight bodies like FATF.

#UAE #fatfgreylist #moneylaundering
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