Latest news with #UAE-linked
Business Recorder
11-06-2025
- Business
- Business Recorder
UAE among countries EU plans to remove from ‘high-risk' money-laundering list
The European Commission (EC) it set to remove the UAE from its list of high‑risk jurisdictions which have 'strategic deficiencies' in their national anti‑money laundering and countering financing of terrorism frameworks. On Tuesday, it announced that several jurisdictions have been delisted: the UAE, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The updated list takes into account the work of the Financial Action Task Force (FATF), it added. The UAE was removed from the FATF grey list in February 2024. 'The EU's decision to delist the UAE from its high-risk money laundering register reflects a broader shift that's been underway since 2022,' said business lawyer Kamal Jabbar. 'After being grey-listed by FATF, the UAE responded with sweeping legislative reforms, aggressive enforcement, and a national anti‑money laundering strategy,' he told Business Recorder, adding that 'hefty fines and enforcement actions signal that compliance is no longer optional.' 'This marks a reputational course correction. One that brings the UAE closer to regulatory parity with major financial hubs,' he said. What this means for the UAE's economy Once the decision comes into effect, EU banks and financial institutions handling UAE-linked transactions will face fewer 'enhanced due diligence' requirements. This reduces paperwork, speeds up processes, and cuts compliance costs. Being delisted reflects recognition of the UAE's strengthened AML/CFT (Anti–Money Laundering/Countering Financing of Terrorism) framework, which boosts investor confidence and enhances the country's attractiveness as a global financial hub and aligns with the UAE's ongoing efforts to diversify away from oil. It will also pave the way for faster progress on a free-trade agreement with the EU, UAE's second-largest trading partner. Back in April, EC President von der Leyen held a phone call with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, where they agreed to launch negotiations on a free trade agreement. The EC had said at the time that negotiations will focus on liberalising trade in goods, services, and investment, while deepening cooperation in strategic sectors such as renewable energy, green hydrogen and critical raw materials. 'Delivering a modern and ambitious agreement will not only reinforce EU-UAE relations, but also contribute to broader regional prosperity.' it had said. Alignment with FATF The EU has said that as a founding member of FATF, it 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,' it said. The Commission has 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, it added. Meanwhile a number of regions were added to the list – Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. EU entities covered by the anti‑money laundering framework are required to apply enhanced vigilance in transactions involving these countries, it said in its statement. 'This is important to protect the EU financial system,' it said. The update of the list takes the legal form of a delegated regulation, which will enter into force after scrutiny and non‑objection of the European Parliament and the Council within a period of one month, which can be prolonged for another month.
Shafaq News
22-05-2025
- Politics
- Shafaq News
Iran denies hijacking UAE-linked tanker
Shafaq News/ On Thursday, Iran's Navy denied any involvement in the reported seizure of a Panama-flagged oil tanker carrying UAE-linked products near the port of Jask in the Gulf of Oman. Earlier this week, Ambrey reported receiving an alert regarding a tanker allegedly hijacked around 51 nautical miles northwest of Bandar Jask. The firm assessed that the vessel may be part of Iran's so-called 'shadow fleet,' a term used for ships linked to Iranian oil exports operating under sanctions. In a statement published by the state-run IRNA news agency, the Navy's public relations office stated that no such incident occurred in waters under the country's jurisdiction, emphasizing that maritime activity in the area continues in accordance with international protocols under Navy supervision. The statement also rejected the use of the term 'hijacking' without substantiating evidence, describing it as a media distortion based on unverified reports and part of efforts to provoke regional tensions and sway global opinion.
Reuters
21-05-2025
- Reuters
Hijack call from ship off Iran a false alarm, security firm Ambrey says
DUBAI, May 21 (Reuters) - A hijack signal sent from a Panama-flagged petroleum products tanker off Iran was a false alarm, British maritime security firm Ambrey said on Wednesday. Ambrey first reported the incident south of the busy Strait of Hormuz shipping lane on Tuesday without naming the "UAE-linked" vessel. It said it took place some 51 nautical miles northwest of the Iranian port of Bandar-e Jask. It dubbed the incident a "false hijack distress call" on Wednesday, adding that it "understands that the vessel had previously conducted similar actions". Ambrey said it believed the vessel was part of a "shadow fleet" of tankers used by Iran, noting a sister ship was on a sanctions list issued by the U.S. Office of Foreign Assets Control (OFAC).
Yahoo
20-05-2025
- Business
- Yahoo
Ambrey says Panama-flagged products container reportedly interdicted northwest of Iranian port
CAIRO (Reuters) -British maritime security firm Ambrey said on Tuesday a Panama-flagged and UAE-linked products tanker was reportedly interdicted approximately 51 nautical miles northwest of the Iranian port of Bandar-e jesk. It said an urgency broadcast transmitted that the vessel has been "hijacked." Ambrey said it assessed the vessel was aligned with the Iranian "shadow fleet," adding a sister vessel was designated by OFAC under the Iranian sanctions programme.
The Star
20-05-2025
- Business
- The Star
Ambrey says Panama-flagged products container reportedly interdicted northwest of Iranian port
CAIRO (Reuters) -British maritime security firm Ambrey said on Tuesday a Panama-flagged and UAE-linked products tanker was reportedly interdicted approximately 51 nautical miles northwest of the Iranian port of Bandar-e jesk. It said an urgency broadcast transmitted that the vessel has been "hijacked." Ambrey said it assessed the vessel was aligned with the Iranian "shadow fleet," adding a sister vessel was designated by OFAC under the Iranian sanctions programme. (Reporting by Menna Alaa El-Din and Muhammad Al Gebaly; Editing by Chris Reese)
