EU Revises Money Laundering List: UAE Exits, Lebanon and Others Enter
The EU removes the UAE from its 'high-risk' money laundering list while introducing Lebanon and nine other jurisdictions for increased monitoring.
On Tuesday, the European Union announced significant changes to its list of jurisdictions identified as posing a high risk for money laundering.
The United Arab Emirates (UAE) has been removed from this list, while Lebanon, along with nine other countries, has been added.
The new jurisdictions under increased monitoring include Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal, and Venezuela.
In addition to the UAE, other countries that have been removed from the high-risk category include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda.
The decision follows a recent trend in which the Financial Action Task Force (FATF), an international body based in Paris, has adjusted its grey list of countries subjected to heightened scrutiny for money laundering and terrorism financing.
Maria Luis Albuquerque, the EU's commissioner for financial services, highlighted that this update reaffirms the EU's commitment to aligning with international standards, particularly those set by FATF.
The updated EU list will be subject to examination by the European Parliament and EU member states, with an implementation timeline of one month barring any objections.
Monaco's government has acknowledged the update and indicated it would take necessary measures to remove itself from the FATF's grey list in the near future.
The UAE's removal from the EU's high-risk list comes after a series of rigorous reforms and enforcement actions aimed at enhancing the nation's compliance with anti-money laundering frameworks.
In recent months, the UAE’s Central Bank has imposed fines exceeding Dh339 million ($92 million) on various financial institutions for non-compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) laws.
Notably, fines of Dh200 million and Dh100 million were imposed on local exchange houses for serious regulatory violations.
The UAE has seen its status as a financial hub bolstered by these recent developments, aligning its policies with international standards.
As trade negotiations between the UAE and the EU progress, the UAE stands as the EU's major export destination in the Gulf region, with EU exports to the UAE increasing by 15% in the past year alone.
Both sides are currently negotiating a comprehensive free trade agreement, marking a potentially historic economic collaboration in the region.
The recent adjustments to the EU's list reflect ongoing efforts globally to combat money laundering and ensure the integrity of financial systems amid increasing concerns over financial crimes.
The United Arab Emirates (UAE) has been removed from this list, while Lebanon, along with nine other countries, has been added.
The new jurisdictions under increased monitoring include Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal, and Venezuela.
In addition to the UAE, other countries that have been removed from the high-risk category include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda.
The decision follows a recent trend in which the Financial Action Task Force (FATF), an international body based in Paris, has adjusted its grey list of countries subjected to heightened scrutiny for money laundering and terrorism financing.
Maria Luis Albuquerque, the EU's commissioner for financial services, highlighted that this update reaffirms the EU's commitment to aligning with international standards, particularly those set by FATF.
The updated EU list will be subject to examination by the European Parliament and EU member states, with an implementation timeline of one month barring any objections.
Monaco's government has acknowledged the update and indicated it would take necessary measures to remove itself from the FATF's grey list in the near future.
The UAE's removal from the EU's high-risk list comes after a series of rigorous reforms and enforcement actions aimed at enhancing the nation's compliance with anti-money laundering frameworks.
In recent months, the UAE’s Central Bank has imposed fines exceeding Dh339 million ($92 million) on various financial institutions for non-compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) laws.
Notably, fines of Dh200 million and Dh100 million were imposed on local exchange houses for serious regulatory violations.
The UAE has seen its status as a financial hub bolstered by these recent developments, aligning its policies with international standards.
As trade negotiations between the UAE and the EU progress, the UAE stands as the EU's major export destination in the Gulf region, with EU exports to the UAE increasing by 15% in the past year alone.
Both sides are currently negotiating a comprehensive free trade agreement, marking a potentially historic economic collaboration in the region.
The recent adjustments to the EU's list reflect ongoing efforts globally to combat money laundering and ensure the integrity of financial systems amid increasing concerns over financial crimes.
Translation:
Translated by AI