The UAE Remains on the Gray List of the European Commission

At the EU level, there is an equivalent of the FATF gray list – a list of countries with strategic deficiencies in combating money laundering. While the UAE had previously exited the FATF list, it encountered difficulties with the EU – the European Parliament rejected the European Commission’s proposal to remove the UAE from the list.

Now, the European Commission is tasked with providing evidence that the UAE has addressed all deficiencies that could pose a risk to the EU’s financial system. Previously, organizations like Transparency International advocated for the UAE to remain on the list.

It’s worth noting that being on the list complicates relationships between EU financial institutions and counterparts in the UAE. In some countries, enhanced due diligence and intensified transaction monitoring are also required for clients from countries on the gray list.

You can find the full list via this link.

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