UAE targeted for delisting from FATF list in February 2024

The UAE is actively working towards delisting from the FATF’s ‘grey list’. To this end, delegations from Dubai and Abu Dhabi are visiting Washington and Bern and holding talks with key members of the organisation.

If the UAE can convince FATF of significant progress in combating money laundering, tax evasion and increasing the transparency of financial transactions, after the mandatory visit of FATF representatives and on-site assessment of the situation, the country may be removed from the list as early as February next year.

In addition to officials, the process of getting off the grey list is supported by bankers, whose compliance costs have risen significantly since the UAE’s inclusion on the list.

According to Bloomberg, in order to receive support from FATF members, the UAE must address two key issues: circumventing anti-Russian sanctions and regulating cryptocurrency. In addition, the UAE must prove that the changes achieved in recent years are systemic and not just “cosmetic.”

 

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