The United Arab Emirates is at soaring risk of being named in the list of the global watchdog of nations subject to more lapse for failing at battling laundering of money and financing(terrorist) despite recent insistence of government to eradicate illegal transactions.
The Financial Action Task Force is inclining in the direction of including the UAE in its “gray list” early on this year, one of two groupings involved by the said intergovernmental body for countries that are set to have ‘deficient strategies’ as indicated by the people acquainted with the matter, who mentioned obscurity on the grounds that the conversations are private.
If the FATF was to accredit the designation, it would possibly be among the most crucial strides in the group’s (Paris-based) history of three decades in accordance with the UAE’s position as the prime centre of finance in the Middle East. Currently, 23 nations, among them are South Sudan, Syria and Albania, with just North Korea and Iran are on its most ‘noteworthy-danger’ “black list.”
A previous Treasury Department official who drove the U.S. designation to the Middle East and North Africa Financial Action Task Force (a provincial body demonstrated after the FATF) Katherine Bauer, says that getting gray-listed has severe costs, there is no doubt about that.
Th Director general of the UAE Executive Office for Anti-Money Laundering and Counter-Terrorist Financing, Hamid Al Zaabi said they were approaching this with extreme seriousness, having cooperated with profoundly gifted and experienced experts with a history in gathering best global practices and norms.
He further added that The UAE has serious commitment towards maintaining the respectability of the global monetary framework, which incorporates working intimately with our accomplices all over the planet to battle crimes of financial nature.
Tom Charles of Tactics Institute in London warned in a press statement today that lack of actions against UAE and other countries will only make the money laundering problem worse. The international monetary system is in need of an overhaul.
“Countries that adopt tax havens and don’t comply with international laws and standards such as UAE and others must be sanctioned. This could be the only deterrent to stop this dangerous phenomenon which only plays in the hands of Terrorist and organised crimes elements” added Mr Charles.