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The UAE is on track to be removed from the Financial Action Task Force’s (FATF) grey list in early 2024, following significant progress in addressing the watchdog’s concerns over money laundering and counter-terrorism financing.
The UAE was added to the grey list last year after FATF found that the country had “strategic deficiencies” in its anti-money laundering and counter-terrorism financing (AML/CFT) regime. However, the UAE has since implemented several reforms, including strengthening its laws and regulations, improving its supervisory and enforcement capabilities, and increasing cooperation with other countries on AML/CFT matters.
FATF has recognized the UAE’s progress, and the country is now expected to be removed from the grey list at its following review in April or May 2024. This would be a significant positive development for the UAE, as it would draw the additional scrutiny that financial institutions must apply to transactions involving the country.
