As the Financial Action Task Force considers removing the UAE from increased anti money laundering monitoring under its grey list, Ben Keith, barrister at 5 St Andrew’s Hill warns this would be a controversial move
Members of the European parliament (MEPs) have just launched a bid to keep the United Arab Emirates (UAE) on the EU’s list of jurisdictions flagged as being at high risk for financial crime. They cite the country’s role in transnational money laundering and sanctions-busting schemes as the reasoning behind their decision.
In stark contrast, in February the intergovernmental agency, the Financial Action Task Force (FATF) deemed that the UAE deserves to be removed from its ‘grey list’.
Removal makes it easier to do business with the UAE, freeing it from the stricter monitoring and regulation that grey-listing imposes. FATF’s mandate is to combat money laundering and related crimes worldwide. Given the UAE’s reputation for facilitating international corruption, FATF’s decision to remove it proves highly controversial.
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