FATF may include the UAE in the Global Watchlist

Published:
January 13, 2022
sheikh zayed road sunny day dubai uae 93675 134744

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.

FATF may include the UAE in the Global Watchlist: measures the Emirates took

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:

  • $ 625 million – roughly the amount the UAE confiscated in 2021 as part of measures taken to combat illegal cash flows and finance terrorist activities;
  • 90% – this is the number of extradition requests that were carried out by representatives of the Emirates authorities in the period from 2019 to 2021;
  • 7.3 thousand – the approximate number of supervisory associations created to control operations to prevent money laundering and investment in terrorist activities in 2021; for comparison – 2,812 divisions were created in 2019;
  • 94% – the rate of drafted convictions in cases of money laundering that were formed by the UAE during the period 2019-2021.

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.

The ELI DEAL service not only provides qualified assistance in choosing a jurisdiction to open your own commercial structure, but also has a large list of relevant businesses. We propose many lucrative offers of companies for sale in various categories, in particular, “AEMI/EMI (Authorized Electronic Money Institution license)“, “Banking License“, “Cryptocurrency Exchange License“, and many others.

We reccomend you to pay your attention to the recent businesses for sale. Contact us anytime.

Related insights

Discover the benefits and pitfalls of investing in property in Bali

Bali attracts everyone from digital nomads and entrepreneurs to retirees and the ultra-wealthy. The island’s enduring popularity among tourists combines with a vibrant local market, presents lucrative chances. Nevertheless, discrete analysis is crucial. This article highlights pros and cons of investing in property in Bali and other details you may be interested in. Why Bali’s…

Read more 18.06.2024

A guide to paradise: discovering the beautiful world of Bali for property investment

Bali, the jewel of Indonesia, is no longer just a traveler’s paradise – it’s an investor’s dream realized.  The island’s allure extends far beyond its captivating beauty, fueled by a potent combination of surging tourism and unwavering economic strength. This tropical haven boasts an enviable economic track record. Indonesia’s GDP has witnessed a remarkable upswing,…

Read more 18.06.2024

Obtaining residence permit and citizenship in Turkey when buying a property

Dreaming of life under the Turkish sun? A Turkish Residency Permit is your ticket to a carefree holiday. Residency allowance not only legalizes your stay for a year or more but also opens doors for work, depending on the type of document obtained. Learn who can get the coveted status, under what terms, and what…

Read more 03.06.2024

NIE NUMBER in Spain: Definition, Types, Procedure and Papers

Provided that you are a non-citizen, buying a property in Spain is possible with the NIE. It is your unique number as a non-citizen. It’s vital for various activities, from buying housing to making a bank account. However, it’s important to note that the NIE alone doesn’t grant lawful residency. This article will guide you…

Read more 28.05.2024

How to Purchase a Property in Spain

Buying a property in another state offers numerous chances, from generating rental income to becoming a resident or even a citizen. With a diverse range of places to choose from, finding the ideal house in Spain is within reach. While the acquiring procedure may appear daunting at first, this guide provides a clear and concise…

Read more 28.05.2024

Gaming license in Portugal

The gaming industry in Portugal has seen substantial growth, prompting both local entrepreneurs and global investors to explore opportunities in this lucrative market. Understanding the legal framework for obtaining a gaming license in Portugal is essential for those interested in documenting this sector. This comprehensive guide covers the essentials of the gaming-license process, the associated…

Read more 27.05.2024

Buying A House In Spain In 2024

Acquiring housing requires careful navigation of legal procedures and a keen awareness of the accommodation market. Before investing, in-depth investigation is vital to avoid scams, understand taxation, and stay ahead of market changes.  This guide provides valuable insights for a smooth transition to homeownership in Spain, whether you’re interested in coastal areas or major cities….

Read more 27.05.2024

Buying an apartment in Spain: Is it a good idea

Acquiring a property in Spain can be an appealing choice for numerous international investors. The country boasts stunning beaches, a pleasant climate, and a rich culture that draws people from various backgrounds. In this article, we will delve into the reasons why investing in an apartment in Spain is a wise decision. Embracing the Mediterranean…

Read more 21.05.2024

How does the Process of Buying a Property in Turkey Work?

Turkey, with its rich cultural heritage, stunning landscapes, and booming real-estate field, has become an increasingly popular destination for possession investing. Whether you’re looking for a holiday home, a retirement retreat, or a lucrative investing possibility, guiding the method of Purchasing Property in Turkey can be an exciting yet daunting task. In this comprehensive guide,…

Read more 13.05.2024

Crypto license in the Dominican Republic

Crypto has significantly altered the economic landscape globally, offering innovative ways to transact and invest. As these digital assets gain traction, various countries are establishing adjustment substructures to oversee their use and protect investors. The Dominican Republic, known for its progressive policy to technology and finance, has also begun to navigate the complex terrain of…

Read more 24.04.2024

5 Best jurisdictions for Gaming license

In the vibrant realm of online-gaming, selecting a jurisdiction for achieving gaming permission transcends a mere adjustment formality; it’s a crucial decision impacting field access, tax obligations, and the brand’s prestige. A wise choice can unlock doors to profitable fields, build trust among players and partners, and ensure a stable legal framework conducive to growth….

Read more 17.04.2024

In which countries is it better to buy Real Estate in 2024?

In the ever-evolving landscape of global real-estate acquisition, the question of where to invest money is crucial. While the past may offer some insights, the future is where depositors aim to position themselves for success. Now, in 2024, various factors come into play when determining the best countries for real-estate acquisition. From economic solidity to…

Read more 16.04.2024