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The note about this came from Bloomberg with a reference to anonymous sources. This fact implies that for non-residents, the terms of use of Emirati companies and banking institutions will become even more difficult to enforce.
If such a decision is nevertheless officially adopted, it will be one of the most significant measures taken by the FATF in the entire thirty-year period of the community’s existence. In particular, this is due to the exclusive position of the UAE as the main financial space for the entire Middle East.
Despite the information provided in the report, which was prepared in November last year, the country still receives many claims regarding the procedure for preventing the illegal turnover of funds. The decision to include the UAE in the “black” list will be finalized in February, so the Emirates have about a couple more weeks at their disposal to change the FATF’s opinion. For this, in the near future, a delegation from the UAE will be sent to Paris.
The UAE Ministry of Foreign Affairs and International Relations has released several figures that demonstrate how much the country has been able to change its attitude towards anti-money laundering policies:
The UAE is fully committed to maintaining the integrity of the international financial system. This includes ensuring close cooperation with partners around the world in order to prevent financial crime.
According to the FATF, despite the tightening of the relevant measures of the UAE, the system of the emirates was nevertheless called into question because it is aimed at solving problems as soon as possible without deep analysis and comprehension. In fact, the Emirates needs far more fundamental and fundamental improvements to demonstrate its real commitment to discouraging money laundering and terrorist financing.
However, the UAE has taken quite a few steps to remedy the situation. In particular, courts have been created that deal exclusively with financial crimes. In addition, companies are now required to disclose all information about the ultimate owners and transfer it to government departments. As for the central bank, the institution has imposed fines on several other banks in recent months for failing to comply with anti-money laundering rules. In addition, new rules have been introduced for the functioning of charitable organizations, which are often reported to facilitate the circulation of funds related to terrorist operations.
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