Latest news with #terroristfinancing
Khaleej Times
10-07-2025
- Business
- Khaleej Times
UAE to attract more FDI after removal from EU's AML, CTF list
The European Union's recent decision to remove the UAE from its list of high-risk third countries for money laundering and terrorist financing is set to boost the UAE's global profile and attract increased foreign direct investment (FDI) into key sectors such as real estate, fintech, green technology, and logistics. An IMF study shows that countries delisted from high-risk financial jurisdiction lists often experience a surge in capital inflows — up to 7.6 per cent of GDP — and a 3 per cent rise in FDI. Reflecting this trend, the World Investment Report highlighted a 49 per cent jump in FDI to the UAE last year, reaching $45.6 billion. Khaled Mohamed Balama, governor of the Central Bank of the UAE (CBUAE) and chairman of the National Committee for Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations, emphasized that the EU's decision underscores the UAE's firm commitment to addressing financial system risks. 'This priority strengthens the UAE's competitiveness and supports its ongoing development journey,' he stated. Atik Munshi, managing partner at FinExpertiza UAE, noted that being removed from the EU's high-risk list offers multifaceted benefits for the UAE's economy, including enhanced reputation, increased trust, and greater investor confidence. 'This move will boost FDI not only from the EU but globally, as investors face fewer compliance hurdles due to reduced country risk, making investments easier to manage,' he explained. Hamza Dweik, head of trading at Saxo Bank MENA, said the decision further cements the UAE's role as a trusted global financial hub. 'The EU's recognition bolsters the country's credibility as a transparent and well-regulated jurisdiction. It also improves access to European markets, with EU financial institutions encountering fewer compliance barriers when dealing with UAE-based entities, facilitating smoother cross-border transactions and partnerships.' Dweik anticipates that the UAE will attract more international banks, fintech firms, and asset managers seeking a stable and compliant environment. 'Anti-money laundering and counter-terrorism financing compliance are key risk factors for investors. The EU's endorsement significantly reduces perceived regulatory and reputational risks, boosting confidence among institutional investors, sovereign wealth funds, and multinational corporations,' he added. Sectors set to benefit Dweik highlighted that this development will ease the flow of funds into high-potential sectors such as real estate, technology, logistics, and green energy, particularly in transactions between the UAE and the European Union. Vijay Valecha, chief investment officer at Century Financial, outlined several benefits: 'Capital flows between Wall Street banks and UAE regional banks will become more seamless, attracting further foreign direct investment and business opportunities. Compliance costs will decrease, and investor confidence will strengthen. Importantly, this will unlock the full potential of the EU-UAE partnership, which previously faced increased scrutiny.' He added that European institutions will feel more confident working with UAE clients without the additional AML checks and expenses beyond standard due diligence. 'This will reduce delays, paperwork, and costs, benefiting banks, fintech firms, startups, and trade finance entities by enabling faster cross-border flows and client onboarding.' Valecha expects increased European investment in real estate—especially in luxury, commercial, and branded residential projects—along with growth in retail and e-commerce fueled by smoother cross-border payments and rising investor interest. Rania Gule, senior market analyst for Mena at predicted that sectors such as fintech, green finance, high-end real estate, artificial intelligence, and advanced manufacturing will attract more investment, aligned with the UAE's economic diversification and post-oil national vision. Improved credit rating prospects Gule also noted that the delisting is likely to strengthen international banking relationships and ease cross-border financial transactions between the UAE and European banks. This will reduce operational costs for UAE-based companies and improve the speed and efficiency of financial dealings. 'The decision should simplify compliance procedures for trade with European firms, boosting UAE exports in non-oil sectors like technology, precious metals, and financial services,' she said. 'It may also positively impact future credit rating evaluations by agencies such as S&P and Moody's, reflecting lower perceived regulatory and financial risks. This, in turn, will support further FDI inflows in the coming quarters.' Paul Turner, senior executive officer at Naga, added that the delisting serves as an independent validation of the UAE's reforms, enhancing market confidence and cementing its position as a safe and transparent global financial hub. 'Strategically, it could accelerate trade negotiations between the UAE and the EU, unlocking the potential for a deeper trade and investment partnership,' he concluded.
Gulf Business
10-07-2025
- Business
- Gulf Business
EU removes UAE from money laundering high-risk list
Image credit: WAM/ Website The European Union has officially removed the United Arab Emirates (UAE) from its list of high-risk third countries for money laundering and terrorist financing—a move hailed by the UAE's top financial regulator as a major national achievement. Read- Khaled Mohamed Balama, Governor of the Diplomatic efforts lead to key breakthrough Balama credited the diplomatic work of Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Higher Committee overseeing the National Anti-Money Laundering Strategy, for helping secure the EU's decision. 'This marks a significant step in establishing an advanced financial ecosystem based on effective governance and a forward-looking national strategy,' he said. Commitment to financial integrity He emphasised that the move reflects the UAE's commitment to strengthening its financial systems, enhancing transparency, and aligning with international standards to boost global competitiveness. 'We appreciate the continued cooperation of regulatory authorities, licensed financial institutions, and the private sector in making this progress possible,' Balama added. The UAE has undertaken comprehensive reforms in recent years to fortify its anti-money laundering and counter-terrorism financing frameworks—efforts that have now been recognised by the European Union with the country's removal from its high-risk list.
Khaleej Times
09-07-2025
- Business
- Khaleej Times
UAE welcomes removal from EU's 'high-risk' money-laundering list
The UAE has welcomed its removal from European Commission's updated list of " high-risk third countries" for money laundering and terrorist financing. In a statement, Ali Al Sayegh, UAE Minister of State, said that the decision is a testament to the nation's commitment towards combating financial crime. "The UAE welcomes the European Parliament's endorsement of the European Commission's updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation's unwavering commitment to the highest international standards in combating global financial crime," the statement read. "The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world's fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system," the minister added. "We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples," he concluded. Last month, the EU had announced the removal of the UAE from its updated money-laundering "high-risk" list, but added Lebanon, alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela, along with Lebanon, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. A money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a "grey list" of nations that are subject to increased monitoring of financial transactions.
Zawya
09-07-2025
- Business
- Zawya
UAE welcomes removal from EU list of high-risk third countries for AML/CFT
Statement attributed to Ahmed bin Ali Al Sayegh, Minister of State: 'The UAE welcomes the European Parliament's endorsement of the European Commission's updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation's unwavering commitment to the highest international standards in combating global financial crime. The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world's fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system. We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples.
Bloomberg
03-07-2025
- Business
- Bloomberg
Canaccord Genuity Fined Over Money-Laundering Rules Violations
Canaccord Genuity Corp. was fined C$544,500 ($401,190) by Canada's financial watchdog for breaching money-laundering and terrorist-financing rules. The Vancouver-based investment bank received the penalty in May from the Financial Transactions and Reports Analysis Centre of Canada for failing to report suspicious transactions that could have been related to money laundering or terrorist-activity financing, as well as inadequate compliance policies and other violations, the regulatory agency said Thursday. The action came after a compliance examination in 2023.
