The United Arab Emirates has welcomed the European Union’s decision to remove it from the list of high-risk third countries for money laundering and terrorist financing (AML/CFT), marking a significant milestone in the nation’s ongoing efforts to enhance financial transparency and compliance.
In a statement, Ahmed bin Ali Al Sayegh, Minister of State, said:
“The UAE welcomes the European Parliament’s endorsement of the European Commission’s updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation’s unwavering commitment to the highest international standards in combating global financial crime.”
Al Sayegh reaffirmed that the UAE remains a “reliable and strategic partner to the EU,” adding that the country is committed to ensuring AML/CFT systems are “not only robust, but also future-proof and capable of addressing emerging global threats.”
The removal from the list follows extensive reforms undertaken by the UAE to strengthen its regulatory, supervisory, and enforcement frameworks, particularly following its addition to the Financial Action Task Force (FATF) grey list in 2022.
“As one of the world’s fastest-growing economies and as a trusted global financial hub,” Al Sayegh said, “the UAE will continue working with all our global partners to safeguard the integrity of the global financial system.”
He added that the UAE looks forward to “unlocking the full potential of the UAE-EU partnership.” He emphasised the importance of “fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples.”
The EU’s decision is expected to boost investor confidence and further strengthen the UAE’s role as a key player in the global financial ecosystem.
–Input WAM
