European Commission to Remove UAE from EU Money Laundering Blacklist
The decision follows the UAE's removal from the Financial Action Task Force's grey list and acknowledges the country's progress in compliance with anti-money laundering measures.
The European Commission announced plans to remove the United Arab Emirates (UAE) from the European Union’s list of high-risk third countries for money laundering and terrorist financing, based on a document obtained by news agencies.
This development comes after the Financial Action Task Force (FATF), a global watchdog, delisted the UAE from its grey list in February 2024, recognizing its advancements in addressing financial oversight issues.
The UAE was placed on the EU blacklist in March 2023, triggering increased financial scrutiny and potential financial exclusion for institutions within the country.
The Commission’s revised proposal follows a previous attempt to delist the UAE, which was rejected by the European Parliament last year.
Following consultations, the Commission noted progress made by the UAE government in meeting the EU's compliance standards, particularly in judicial and law enforcement cooperation.
The EU list currently names 22 countries, including Nigeria, Vietnam, and South Africa, and is periodically reviewed and updated, with the last amendment occurring in December 2023. The Commission is responsible for identifying countries with considerable deficiencies in their anti-money laundering and counter-terrorism financing frameworks.
Commission President Ursula von der Leyen had a conversation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in April 2024, during which they agreed to initiate discussions on a potential free trade agreement.
In the upcoming changes to the EU’s blacklist, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda will also be removed.
However, Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela are set to be added to the high-risk list.
This development comes after the Financial Action Task Force (FATF), a global watchdog, delisted the UAE from its grey list in February 2024, recognizing its advancements in addressing financial oversight issues.
The UAE was placed on the EU blacklist in March 2023, triggering increased financial scrutiny and potential financial exclusion for institutions within the country.
The Commission’s revised proposal follows a previous attempt to delist the UAE, which was rejected by the European Parliament last year.
Following consultations, the Commission noted progress made by the UAE government in meeting the EU's compliance standards, particularly in judicial and law enforcement cooperation.
The EU list currently names 22 countries, including Nigeria, Vietnam, and South Africa, and is periodically reviewed and updated, with the last amendment occurring in December 2023. The Commission is responsible for identifying countries with considerable deficiencies in their anti-money laundering and counter-terrorism financing frameworks.
Commission President Ursula von der Leyen had a conversation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, in April 2024, during which they agreed to initiate discussions on a potential free trade agreement.
In the upcoming changes to the EU’s blacklist, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda will also be removed.
However, Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela are set to be added to the high-risk list.
