The Financial Action Task Force (FATF) has dropped the United Arab Emirates (UAE) from its \u201cgrey list\u201d, making it a win for the country looking to bolster its international status.
\nFollowing its delisting, UAE \u2014 which is home to a dazzling financial hub Dubai \u2014 is now among the countries that are no longer on the global watchdog\u2019s list of countries at risk of illicit money flows.
\nThe FATF\u2019s grey list comprises around two dozen countries which are currently considered risky in terms of their lack of tackling financial crime. The Gulf nation \u2014 that remains a millionaire, and hedge funds\u2019 magnet \u2014 was listed under strict scrutiny in 2022.
\nThe country\u2019s delisting is a coup for the one-time regional pearl and fish trading hub which is now one of the world\u2019s wealthiest nations after the discovery of oil in Abu Dhabi in the late 1950s.
\nIt had made getting off the list a priority, bolstering its anti-money-laundering efforts in a drive spearheaded by the minister of foreign affairs and brother of President Mohamed bin Zayed Al Nahyan.
\nJohn Kartonchik, a director at UAE think tank Re\/think, said the move could boost confidence in the country and attract more money from overseas.
\n\u201cInvestors … may feel more secure,\u201d he said.
\nDespite being grey-listed, the UAE continued to attract the globe\u2019s wealthy and it is an increasingly popular destination for cryptocurrency firms and Russians in the wake of war with Ukraine.
\nDubai\u2019s luxury property market trailed only New York, Los Angeles and London in 2022, according to property consultant Knight Frank, while the UAE last year overtook Belgium to become the world\u2019s trading hub for rough diamonds. Jonny Bell, director of financial crime compliance and payments at LexisNexis Risk Solutions, said the UAE would likely continue strengthening its anti-money laundering and counter-terrorism financing measures.
\nThere is increasing competition among Gulf states to develop non-oil sectors such as financial services, trade and logistics, and tourism. Attracting money from abroad is a central part of that effort.
\nMeasures taken by the UAE include increasing financial investigations and prosecutions, boosting international cooperation, and aligning virtual asset regulation with international standards.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Action Task Force (FATF) has dropped the United Arab Emirates (UAE) from its \u201cgrey list\u201d, making it a win for the country looking to bolster its international status. Following its delisting, UAE \u2014 which is home to a dazzling financial hub Dubai \u2014 is now among the countries that are no longer on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-389427","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-editorial"},"yoast_head":"\n