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

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    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.

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