UAE risks inclusion on money laundering watch list, watchdog warns | Financial Times:
UAE must take increased measures to stamp out money laundering or face inclusion on an international watch list, the world’s main dirty money monitoring group has warned.
The Financial Action Task Force on Thursday urged the Gulf state to prioritise the pursuit of international laundering networks, close loopholes in gold and property markets and work with international partners to tackle illegal financial flows.
If the UAE fails to take action in these areas within one year, the country will be placed on FAFT’s so-called “grey list” of 18 states that includes Yemen, Syria and Zimbabwe, in what would be a major blow to the country’s reputation as the Middle East’s main financial hub.
“Generally, fundamental and major improvements are needed across the UAE in order to demonstrate that the system cannot be used for money laundering and terrorist financing,” the Paris-based group said.
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| Dubai has diversified its economy away from oil but a buccaneering attitude to investment in property and commodities has exposed the emirate to criminality © Karim Sahib/AFP/Getty |
UAE must take increased measures to stamp out money laundering or face inclusion on an international watch list, the world’s main dirty money monitoring group has warned.
The Financial Action Task Force on Thursday urged the Gulf state to prioritise the pursuit of international laundering networks, close loopholes in gold and property markets and work with international partners to tackle illegal financial flows.
If the UAE fails to take action in these areas within one year, the country will be placed on FAFT’s so-called “grey list” of 18 states that includes Yemen, Syria and Zimbabwe, in what would be a major blow to the country’s reputation as the Middle East’s main financial hub.
“Generally, fundamental and major improvements are needed across the UAE in order to demonstrate that the system cannot be used for money laundering and terrorist financing,” the Paris-based group said.
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