- The Financial Action Task Force (FATF), has confirmed the UAE's fulfillment of all 15 recommendations outlined in its action plan. This announcement follows the task force's plenary meetings held in Paris earlier this week. The UAE, along with Barbados, Gibraltar, and Uganda, has demonstrated significant progress in addressing strategic deficiencies in anti-money laundering.
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These jurisdictions have successfully implemented action plans to swiftly resolve identified deficiencies within agreed timeframes, leading to their removal from FATF's increased monitoring process. Sheikh Abdullah bin Zayed Al-Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, hailed this achievement as the result of concerted efforts by relevant ministries, the federal government, and local entities.
Why it matters
Minister of Economy Abdullah bin Touq Al-Marri underscored the UAE's commitment to strengthening its global standing as a hub for trade and investment by enhancing measures to combat money laundering, emphasizing the country's progress in developing robust frameworks in recent years.
