A New Dawn For UAE After Greater Reforms: The Grey List Removal Tag!

HLB HAMT News Team


HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Schedule a Consultation

    Financial Action Task Force, an international organization and a global watchdog for combating money laundering and terrorist financing, announced that the UAE was removed from the FATF grey list on February 23, 2024. Removing the grey list system indicates that the UAE is performing more to maintain its financial discipline.

    It has put much effort and strategic steps into its legislative and executive policies to make that happen within two years. A country getting off the grey list is a phenomenal achievement with many benefits to the government itself. And in an upcoming section, let us see those benefits and how the UAE achieved this position.

    The most anticipated UAE Greylisting exit

    In March 2022, the FATF money laundering watchdog organisation listed the UAE under the greylisting category, which reflects that the UAE requires more stringent financial reforms and is subjected to more vigorous scrutiny in every part of economic happenings.

    The UAE government and private sector resolved and pushed themselves to see a brighter horizon by making excellent financial reforms. The UAE government held hands with private companies to make the company come out of the greylisting, and after two years of arduous efforts, it finally happened to them by adhering to the FATF regulations correctly.

    Efforts and reforms taken by the UAE

    • Understanding the money laundering and terrorist financing risks and forecasting and assessing them properly.
    • Enhancing the steps to improvise the money laundering-related case investigation and providing instantaneous proceedings.
    • Equipping law enforcement agencies with more financial intelligence to detect and prevent money laundering activities.
    • Making the private sector companies maintain necessary and accurate compliance reports and identifying the evasions at an earlier stage.
    • Incorporation of the latest virtual cutting-edge technologies for asset regulation.
    • The UAE government made an exclusive executive law to combat ML/TF issues.

    Significance of UAE grey list removal

    • Investors and lenders’ friendly move: Usually, investors and lenders hesitate to open up their businesses in grey-listed countries. As the UAE has been released from the listing, investors and lenders are encouraged to come forward and make their financial decisions in the UAE.
    • Easier scrutiny of banking and KYC processes: The money inflow and outflow scrutiny and the KYC registration process will become comparatively easier than before.
    • Gaining confidence: The Grey List exit reflects the respective country’s sincere reforms and efforts to make that happen, and it indicates that the UAE is now perfect in its financial compliance and investigation policies. Hence, it adds more confidence to the UAE when doing any business.
    • Cross-border dealings: Grey-listed countries attract a higher transaction fee for cross-border business dealings. Now, the UAE can relieve itself of those higher transaction fees, ensuring smoother, cost-effective cross-border dealings.
    • Lower compliance cost: More specifically, Wall Street banks are more optimistic about the grey list removal because they have had to pay more compliance costs to do any business. And presently, they can get relief from the compliance costs.
    • Attracting more partnerships: Grey list removal ensures more FDI resurgence, thereby making maintaining more international partnerships much more accessible and enabling UAE countries to create a closer and more joined-up international business community.

    Bottom Line!

    UAE is evolving into the favorite financial destination for many business people, and their efforts to get the grey list exit enhance the overall perspective of the country and nurture them to achieve more partnerships and build a friendly international community for themselves, thereby making the businesses grow three-fold.

    Discover unparalleled support with HLB HAMT!

    As a leading provider of AML/CFT compliance services, we are dedicated to addressing all your needs and concerns. With our depth of knowledge, skilled professionals, customized solutions, and proactive implementation strategies, we ensure that clients meet their AML/CFT compliance requirements with confidence.

    Additionally, we offer a comprehensive range of services including accounting, auditing, taxation, business consulting, payroll, and HR services. Reach out to us today at +971 4 327 7775 or via email at dubai@hlbhamt.com to experience excellence in service delivery.



    Would you like to rate us on Google?         


    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
    Next Reviews

    Get in touch

    Share to:

    Copy link:

    Copied to clipboard Copy