UAE removed, Kenya and Namibia added to global money laundering list

Feb23,2024



Paris: Global anti-money laundering watchdog Financial Action Task Force ,FATF) said on Friday it had removed the United Arab Emirates from its “grey list” of countries subject to enhanced surveillance, while Kenya and Namibia were added.
The countries on the list have “strategic deficiencies” in efforts to combat money laundering and terrorist financing, but they are cooperating with FATF to correct the problems and are subject to increased monitoring.
fatf chief Raja Kumar Said that Kenya and Namibia had identified deficiencies in their anti-money laundering systems and developed action plans to address them.
A total of 21 countries are in the gray list.
Apart from UAE, Barbados, Gibraltar and Uganda were removed from the gray list.
“They have taken substantial steps to improve AML-CFT safeguards and address all items in their action plans,” Kumar said, referring to anti-money laundering and countering the financing of terrorism.
Foreign Minister of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyanwelcomed the FATF's decision and said the change would “strengthen the country's leading position and competitiveness, and advance its position globally as an economic, trade and investment hub,” according to the country's official news agency WAM.
In recent decades the UAE has sought to use its location in the Gulf to become a financial, trade and travel hub linking Asia and Europe. It was put on FATF's gray list in 2022 due to concerns about suspicious financial transactions and the influx of Russian money into the country.
More than 200 countries and jurisdictions have pledged to implement the FATF recommendations.
The FATF also has a “blacklist” of countries that are considered high-risk jurisdictions.
Countries are urged to implement countermeasures against Iran North Korea To protect against money laundering and terrorism financing and arms proliferation.
Meanwhile, countries are requested to exercise greater caution regarding Myanmar.
The FATF also reiterated its condemnation of Russia for its invasion of Ukraine two years ago.
It suspended Russia's participation in the body last year, saying its members were taking proactive steps to protect the global financial system given Moscow's growing financial ties with countries subject to FATF countermeasures.



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