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Wednesday, Jan 15, 2025
Outside the box.
UAE Removed, Kenya And Namibia Added To Global Money Laundering List
The Financial Action Task Force (FATF), a global anti-money laundering watchdog, announced the removal of the United Arab Emirates (UAE) from its grey list, a designation for countries with strategic deficiencies in combating money laundering and terrorist financing but are actively working to resolve these issues.
Meanwhile, Kenya and Namibia have been added to this list, which currently comprises 21 nations.
FATF President Raja Kumar highlighted that Kenya and Namibia are collaborating on action plans to strengthen their anti-money laundering frameworks. The UAE, along with Barbados, Gibraltar, and Uganda, has been recognized for making significant improvements in their systems to prevent money laundering and terrorist funding.
UAE Foreign Minister Sheikh Abdullah praised FATF's decision as a testament to the country's commitment to being a transparent financial, trade, and investment leader, also promoting its position as a cross-continental hub.
The FATF monitors over 200 countries, urging them to follow its recommendations. The Task Force has a more severe "black list" for high-risk jurisdictions, currently advising countermeasures against Iran and North Korea and enhanced scrutiny on transactions with Myanmar.
The organization also criticized Russia for its aggression in Ukraine and has taken measures against Russia’s engagement with other countries on watchlists to safeguard the international financial system.
FATF President Raja Kumar highlighted that Kenya and Namibia are collaborating on action plans to strengthen their anti-money laundering frameworks. The UAE, along with Barbados, Gibraltar, and Uganda, has been recognized for making significant improvements in their systems to prevent money laundering and terrorist funding.
UAE Foreign Minister Sheikh Abdullah praised FATF's decision as a testament to the country's commitment to being a transparent financial, trade, and investment leader, also promoting its position as a cross-continental hub.
The FATF monitors over 200 countries, urging them to follow its recommendations. The Task Force has a more severe "black list" for high-risk jurisdictions, currently advising countermeasures against Iran and North Korea and enhanced scrutiny on transactions with Myanmar.
The organization also criticized Russia for its aggression in Ukraine and has taken measures against Russia’s engagement with other countries on watchlists to safeguard the international financial system.
