EU removes UAE from ‘high-risk' money-laundering list
The EU has removed the UAE from its high-risk money-laundering list.
The European Commission has updated its list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes.
The UAE was among eight countries removed from the list, while a further 10, including Lebanon were added to the high-risk list.
UAE EU money-laundering boost
EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system.
Jurisdictions which were delisted by the EU were:
Barbados
Gibraltar
Jamaica
Panama
Philippines
Senegal
Uganda
UAE
Jurisdictions were added to the list were:
Algeria
Angola
Côte d'Ivoire
Kenya
Laos
Lebanon
Monaco
Namibia
Nepal
Venezuela
The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring'.
As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards.
The Commission said it had 'carefully considered the concerns expressed regarding its previous proposal and conducted a thorough technical assessment, based on specific criteria and a well-defined methodology, incorporating information collected through the FATF, bilateral dialogues and on-site visits to the jurisdictions in question'.
Article 9 of the 4th Anti-money Laundering Directive (4AMLD) mandates the Commission to regularly update the list of high-risk third-country jurisdictions.
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