The Middle East and North Africa Financial Action Task Force (“MENAFATF”) has published its latest Follow-up Report for the United Arab Emirates (UAE).
The report analyses and re-assess the UAE’s progress in strengthening measures to tackle money laundering and terrorist financing, against the technical compliance deficiencies first identified in its 2020 Mutual Evaluation Report.
The key developments are:
- Recommendation 1 is re-rated from partially compliant to largely compliant;
- Recommendation 19 is re-rated from partially compliant to compliant; and
- Recommendation 29 is re-rated from partially compliant to compliant.
Firms with operations in or exposure to the UAE can read the MENAFATF report to gain further insights into the changes, alongside the progress that the UAE continues to make in addressing its ML/TF technical deficiencies.
https://www.fatf-gafi.org/en/publications/Mutualevaluations/FUR-UAE-2023.html