UAE tackles banned weapons financing, awaits dirty money list decision | Reuters
The United Arab Emirates said it was assessing the risk that funds for banned weapons could pass through its trading hub and would take measures to prevent this, as it awaits a March decision on whether it will be added to a dirty money watchlist.
The UAE and the Financial Action Task Force (FATF), a global financial crime monitoring group, will hold meetings in Paris at the end of February to assess a progress report submitted by the UAE late last year. The watchdog in March will update its list of high-risk and other monitored jurisdictions.
A 2020 FATF report said the UAE needed "fundamental and major improvements" to avoid landing on its 'grey list' of countries under increased monitoring.
Countries on the list risk reputational damage, trouble accessing global finance and increased transaction costs.
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