By PAUL O’DONOGHUE, Senior Correspondent
THE United Arab Emirates (UAE) has praised the EU ahead of its likely removal from the bloc’s money laundering watchlist.
The country said the move was a recognition of its improved AML (anti-money laundering) regime. It added the decision would further strengthen ties between the UAE and EU.
“The UAE welcomes the Commission’s updated list of high-risk countries to strengthen international fight against financial crime,” the UAE government said in a statement.
“[The UAE] is fully committed to deepening its robust and strategic partnership with the European Union.”
Yesterday, the European Commission published its updated list of ‘high-risk jurisdictions’ with ‘strategic deficiencies’ in their AML regimes. This is commonly referred to as the EU’s ‘AML blacklist’.
As part of the move, the UAE was removed from the list.
The European Commission’s list still has to be approved by MEPs in the European Parliament before being adopted by the EU.
If approved, the update would help with current trade negotiations between the UAE and the EU.
The UAE is negotiating a trade deal with the EU. However, its inclusion on the ‘blacklist’ has complicated talks.
The UAE was removed from the FATF (Financial Action Task Force) AML ‘grey list’ in 2024.
Since then, the country has implemented several measures aimed at further improving its AML regime.
These include a string of recently-announced AML penalties, as the UAE toughens its stance on financial crime.
The UAE government said: “Since the UAE’s removal from the FATF grey list in February 2024, the UAE’s commitment to strengthening its AML framework has remained strong.”
It said the country is “aligning our approach with best international practices” to tackle financial crime.
“We continue to work closely with the relevant authorities and each EU member state,” it added.
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