The Financial Action Task Force (FATF) has removed the United Arab Emirates (UAE) from the ‘grey list’ while adding Kenya and Namibia to the list.
The gray list includes countries that are weak in ‘strategic efforts’ to combat money laundering and terrorist financing, according to a report by the foreign news agency.
However, they are working closely with global anti-money laundering watchdogs and FATF to monitor such countries to address these issues.
FATF chief Rajakumar said that Kenya and Namibia are facing deficiencies in their anti-money laundering systems and an action plan has been drawn up to address this.
A total of 21 countries are included in FATF’s gray list.
Apart from the United Arab Emirates, Barbados, Gibraltar and Uganda were removed from the gray list.
UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan welcomed the FATF’s decision and said the changes would strengthen the country’s position and competitiveness as a global economic, trade and investment hub. Will advance his position.
In recent decades, the United Arab Emirates has sought to become a central hub for finance, trade and travel between Asia and Europe, but in 2022, concerns regarding unclear financial transactions and the influx of Russian money into the country will put the UAE on the back burner. was added to the gray list.
More than 200 countries have pledged to implement the FATF recommendations.
FATF uses lists known as gray list and black list to monitor countries.
The blacklist includes those high-risk countries whose anti-money laundering and anti-terrorist financing laws and regulations are deficient. Can also impose restrictions.
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2024-05-09 16:45:12
