The UAE’s improved rating in a global risk index has given the financial services sector a boost, reflecting the country’s advancements in combatting money laundering and the financing of terrorism.
The UAE has achieved notable progress in a leading international index for combating money laundering and terrorist financing. The UAE’s ranking in the Basel Anti-Money Laundering Risk Index has improved by 16 places from 2021 to 2023.
“The effectiveness, permanence, and sustainability of our efforts have been on full display for all our partners, both domestic and international, and we look forward to the launch of more key initiatives over the coming months,” said Hamid AlZaabi, Director General of the EO AML/CTF. “This achievement also underscores a significant milestone in the UAE’s commitment to strengthening its anti-money laundering and counterterrorism financing framework, bolstering investor confidence and fostering a more favourable business environment.
“With improved risk ratings, the UAE is poised to attract increased investment, facilitate smoother international transactions, and further solidify its position as a leading member of the global financial community and a trusted partner”.
The UAE’s improved risk ratings has had a positive impact on business at the country’s largest Financial Free Zones (FFZ).
“The UAE’s removal from the FATF Grey List marks a significant milestone, reflecting robust enhancements in the nation’s Anti-Money Laundering and Counter-Terrorism Financing frameworks,” said Waleed Saeed Al Awadhi, Chief Operating Officer at the Dubai Financial Services Authority (DFSA). “Due to the de-listing, we anticipate to see less processing costs and time for international transactions, lower bank charges, increased compliance among financial institutions and a boost in investor confidence.
This enhancement of the UAE’s international financial credibility will foster a more secure investment environment, boosting economic growth.”
