2023: sortie des UAE de la "grey list" du GAFI (FATF)

The recent removal of the United Arab Emirates from the FATF grey list marks a significant milestone in their journey towards international compliance in combating money laundering and terrorism financing. Initially added to the list in March 2022, this swift development reflects the sustained efforts and reforms implemented by the UAE to meet international standards in fighting financial crime. This decision underscores the country’s commitment to enhancing its regulatory framework and improving its reputation on the global stage as a financial center adhering to international standards.

UAE Reforms: A Step Towards Financial Compliance

The United Arab Emirates has been removed from the Financial Action Task Force (FATF) grey list after the country met all the necessary reforms to combat illicit financial flows.

FATF President Raja Kumar announced the outcomes of the plenary in a statement. Other countries to exit the grey list include Barbados, Gibraltar, and Uganda. Meanwhile, Kenya and Namibia were added to the grey list, while South Africa has not yet managed to escape its grey listing.

To exit the grey list, a significant majority of FATF members must vote that a country has made sufficient progress since the evaluation period began.

The removal from the grey list marks a swift turnaround for the United Arab Emirates, which was initially added to the list of jurisdictions under increased monitoring in March 2022. Assessors from the Paris-based FATF conducted an on-site visit last month, and subsequent feedback on the UAE’s action plan noted significant progress made by the country.

Late last year, UAE officials embarked on a tour to key FATF states, including trips to the US, Switzerland, and Singapore, to garner support, according to a Bloomberg report.

Significant Reforms

The United Arab Emirates has undertaken a series of significant reforms to enhance its regulatory framework and its system for combating money laundering and terrorism financing. These reforms have been carried out as part of the country’s efforts to comply with international standards established by the Financial Action Task Force (FATF).

In 2021, the United Arab Emirates took a significant step in its fight against money laundering and terrorism financing by establishing a dedicated Executive Office. This initiative followed the adoption of a law specifically aimed at combating money laundering and terrorism financing in 2018. The creation of this executive body demonstrates the UAE’s serious commitment to strengthening its regulatory and institutional framework to prevent and combat these illicit activities. This office plays a crucial role in coordinating efforts between various government agencies and international partners to ensure effective enforcement of anti-money laundering and counter-terrorism financing laws in the country.

Exit from the FATF Grey List: Recognition of Progress

The recent announcement of the United Arab Emirates’ exit from the FATF grey list has been greeted with enthusiasm by the international community. This decision reflects the significant progress made by the United Arab Emirates in strengthening its regulatory framework and its system for combating money laundering and terrorism financing.

Implications of the Exit for the United Arab Emirates and the Region

The United Arab Emirates’ exit from the FATF grey list will have significant implications for the country and the region as a whole. This will bolster the UAE’s reputation as a trusted global financial center and open up new opportunities to attract investment and promote economic growth.

Future Outlook: Sustaining the Reform Momentum

As the United Arab Emirates celebrates its exit from the FATF grey list, it is crucial for the country to maintain its reform momentum and continue to strengthen its regulatory framework and mechanisms for combating money laundering and terrorism financing. This will ensure the sustainability of its progress and further enhance its position as a regional and global financial leader.

In this article, we have explored the recent reforms undertaken by the United Arab Emirates that led to its exit from the FATF grey list. This exit marks a significant milestone for the country and demonstrates its commitment to global financial compliance.