(MENAFN- Khaleej Times) The UAE has complied with nearly all recommendations and has addressed most of the shortcomings by conducting complementary assessments using a wide range of information sources and with the wide participation of the competent authorities, according to a new Financial Action Task Force (FATF) follow-up report. The FATF recommendations are the technical and legal building blocks for an effective framework to combat money laundering, terrorist financing, and proliferation financing.
In March 2022, the country was placed on the grey list. The UAE has committed to implementing the recommendations of the International Cooperation Review Group's (ICRG) Action Plan to remove itself from the grey list swiftly.
Industry executives expect the country will come out of the grey list soon as it has been aggressively implementing anti-money laundering and other guidelines in line with FATF.
The follow-up report, released last week, stated that the UAE is compliant with most of its 40 recommendations.
The UAE was rated compliant in 15 recommendations, largely compliant in 24 and partially compliant in 1.
The report lauded the country's enhancement of financial and human resources to combat money laundering and terrorist financing.
“In order to achieve this objective, the National Committee detailed it into action plans for all concerned sectors (especially the most at-risk ones). Whereas the country's authorities increased their human resources, established special departments, and issued many legislations and guides in accordance with the identified risks,” it said.
ALSO READ:
uae: sheikh mansour, central bank take measures to limit impact of interest rate hikes
uae imposes dh65.9 million fines on 137 firms for not following anti-money laundering rules
MENAFN11072023000049011007ID1106582943
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.