UAE minister hopes country will come out of the FATF Grey List early next year
Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee, hopes that the country will come out of the Financial Action Task Force (FATF) Grey List early next year, which will help attract more precious metal companies.
While delivering a special address at the Dubai Precious Metals Conference on Tuesday, Al Zeyoudi said a FATF team will visit the country later this year for the evaluation.
“We are doing an excellent job on FATF. We are almost done. We are just waiting for the visit before the end of the year. Hopefully, we will be removed from the grey list. So we are looking forward to more industry people and corporations and companies to come and operate and work from the UAE,” the minister said during the speech.
The UAE was added to the Grey List in March 2022 and since then it has taken numerous measures to enhance the AML/CTF regulatory regime.
FATF’s Grey List, also known as jurisdiction under increased monitoring list, includes countries that are actively working with the Paris-based body to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.
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