UAE needs time to show effectiveness to exit financial crime grey list: official

LONDON: The United Arab Emirates needs time to demonstrate the effectiveness and enforcement of policies introduced against financial crime before it can be removed from a global watchdog’s ‘grey’ list, the economy minister told Reuters.

The Financial Action Task Force (FATF) just over a year ago included the UAE on a list of jurisdictions subject to increased monitoring, known as its ‘grey’ list. The UAE responded by saying it was committed to working closely with FATF to improve.

“We have addressed many challenges. But what really needs to be seen now is a lot of effectiveness and I think that comes with time,” said Economy Minister Abdullah bin Touq Al Marri on the sidelines of the City Week conference in London.

Marri said the UAE had managed to address many of the FATF’s 58 original concerns, and had around 15 left.

“We’ve managed to close a couple of (them) and I think there are more to come in the next couple of months.”

The UAE, an oil and gas exporter that touts open-for-business credentials and enables glitzy expatriate lifestyles, has in recent years tightened regulations to overcome an image as a hotspot for illicit money.