The UAE has questioned the EU’s decision to retain the nation on its black list for countries with strategic deficiencies in combating illicit financial activities. Economy Minister Abdulla bin Touq Al Marri, speaking to Bloomberg at the World Economic Forum in Davos, stated, “I do not understand how the UAE is still on the black list.”
Despite the Financial Action Task Force (FATF) removing the UAE from its “gray list” in February 2024, the EU continues to classify the country as high-risk for money laundering.
“The UAE managed to get out of the gray list in record time, based on assessment and based on people who come on-site and scrutinise your systems for weeks and months,” said Al Marri.
Minister Al Marri also expressed concerns over an EU directive that may penalise imports from nations without trade unions, stating, “You can’t dictate what other countries do with their labour systems and management.” He emphasised that such policies could challenge the oil and natural gas industries.
Regarding taxation, Al Marri reiterated that while the UAE has introduced corporate tax, there are no plans to implement income taxes, dismissing ongoing speculations.
The EU has not yet responded to the UAE’s statements.
