Web Desk — The Financial Action Task Force (FATF) is seriously considering placing the United Arab Emirates (UAE) on the list of countries subject to more oversight for shortcomings in combating money laundering and terror financing, even after a recent government push to stamp out illicit transactions, Bloomberg has reported.<\/p>\n\n\n\n
In short, The FATF may add UAE to its \u201cgray list\u201d early this year, one of two classifications used by the intergovernmental body for nations determined to have \u201cstrategic deficiencies,\u201d the report added.<\/p>\n\n\n\n
\u201cThere are undoubtedly costs associated with being gray-listed,\u201d said Katherine Bauer, a former Treasury Department official who led the U.S. delegation to the Middle East and North Africa Financial Action Task Force, a regional body modeled after the FATF.<\/p>\n\n\n\n
Bauer, who\u2019s now a fellow with the Washington Institute for Near East Policy, said, \u201cMany global regulators require that banks and financial institutions review, if not revise, their risk ratings and associated due diligence measures for counterparties in countries on the FATF list.\u201d<\/p>\n\n\n\n
The report further added that the UAE submitted a report to the FATF in November but hasn\u2019t reached many of the thresholds needed to stay off the gray list. The group is expected to make a decision at a plenary meeting set for late February.<\/p>\n\n\n\n
There are still several opportunities for Emirati officials to make their case to the FATF, including during a planned trip to Paris in the coming weeks.<\/p>\n\n\n\n
Hamid Al Zaabi, director-general of the UAE Executive Office for Anti-Money Laundering and Counter-Terrorist Financing, said, \u201cWe are taking this very seriously, having partnered with highly skilled and experienced specialists with a track record in meeting best international practices and standards.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Web Desk — The Financial Action Task Force (FATF) is seriously considering placing the United Arab Emirates (UAE) on the list of countries subject to more oversight for shortcomings in combating money laundering and terror financing, even after a recent government push to stamp out illicit transactions, Bloomberg has reported. In short, The FATF may …<\/p>\n","protected":false},"author":4,"featured_media":1028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1026","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-international"],"yoast_head":"\n