UAE/Abu Dhabi Push to Exit FATF's Dirty-Money Gray List Gathers Pace - Bloomberg
Efforts by the United Arab Emirates to exit a global watchdog’s “gray list” are gaining momentum, with some members warming to the idea of recognizing recent progress in tackling illicit flows, according to people familiar with the matter.
Delegates from at least three nations of the Paris-based Financial Action Task Force, who previously backed the UAE’s inclusion on a list of jurisdictions subject to more oversight, have now expressed the view that the Gulf state could be removed as early as February 2024, the people said.
No final decisions have been made and delegates have conveyed some remaining concerns, they said, requesting anonymity as the matter is private. The FATF is set to hold its plenary this week and members are expected to finalize the details of a site visit to the UAE, which is one of the final steps before a potential delisting.
To get off the gray list, a significant majority of the FATF’s membership must vote that a country has made sufficient progress since the evaluation period began. Just a few votes to the contrary can result in a jurisdiction staying on the list, people familiar with matter said. The group has just under 40 members, some of whom have greater sway.
Emirati officials have embarked on a tour to key FATF states, including trips to Washington and Bern, Switzerland, to rally support. Russian sanctions evasion and cryptocurrencies are among the topics central to the dialog with foreign partners, the people said.
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