UAE Vows to Hunt Down Money Laundering and Terror Financing Networks

The United Arab Emirates (UAE) has asserted that it’s dedicated to fighting against money laundering (ML) and terror financing (TF). It’s actively working with the Financial Action Task Force (FATF) to ensure that all measures are in place to combat these criminal activities. During the recent plenary session in Paris, FATF acknowledged the progress made by UAE and praised its political dedication. UAE’s efforts towards combating financial crimes have been widely acknowledged, and this recognition from the FATF is seen as a major boost for the country’s financial sector. In March 2022, the financial crime watchdog placed UAE on its increased monitoring list called the ‘grey list.’ Since then, UAE has been working on countering ML, TF, and other financial crimes. Despite being on the grey list, UAE has experienced significant economic growth, as high net-worth individuals (HWNI) continue to invest in the country.