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Kenya, Namibia Join Global Money Laundering List, UAE Removed

The Financial Action Task Force (FATF) has announced the removal of the United Arab Emirates (UAE) from its "grey list" of countries subject to increased monitoring due to strategic deficiencies in their efforts to counter money laundering and terrorist financing. The UAE, along with Barbados, Gibraltar, and Uganda, was recognized for taking substantial steps to improve its anti-money laundering and combatting the financing of terrorism (AML-CFT) safety systems and addressing all items on their action plans.

The decision was welcomed by the UAE's Foreign Minister, Sheikh Abdullah bin Zayed Al Nahyan, who expressed that the changes will strengthen the country's leading status and competitiveness, advancing its position globally as an economic, trading, and investment hub.

On the other hand, Kenya and Namibia have been added to the grey list as they were identified to have deficiencies in their anti-money laundering systems. Action plans have been developed for these countries to address and remedy the identified issues.

The FATF's grey list comprises nations that have strategic deficiencies but are cooperating with the FATF to correct the problems and are subject to increased monitoring. In total, 21 nations are currently on the grey list. The FATF also maintains a "black list" of high-risk jurisdictions, with countermeasures urged against countries such as Iran and North Korea to guard against money laundering and the financing of terrorism and weapons proliferation. Enhanced due diligence is requested concerning Myanmar.

The FATF continues to condemn Russia for its invasion of Ukraine two years ago. Russia's participation in the FATF was suspended last year, and the organization's members are taking proactive measures to safeguard the global financial system due to Moscow's growing financial links to countries subject to FATF countermeasures.

Feb. 24, 2024 1:01 p.m. 3181

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