ARTICLE · 13 JUNE 2024

UAE Removed From The FATF's Grey List

Hogan Lovells (Middle East) LLP

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As a result of the UAE's inclusion on the 'grey list' in March 2022, it has been subject to increased monitoring and assessment by the FATF over the last two years.

United Arab EmiratesGovernment, Public Sector

Jessica Quinlan

The Financial Action Task Force ("FATF") has announced that the UAE has been removed from its 'grey list' following substantial improvement in the stringency of its anti-money laundering ("AML") and combating the financing of terrorism ("CFT") regimes.

As a result of the UAE's inclusion on the 'grey list' in March 2022, it has been subject to increased monitoring and assessment by the FATF over the last two years. In October 2023, the FATF acknowledged the "significant progress" that the UAE had made in implementing the FATF's recommendations and improving the effectiveness and technical compliance of its AML and CFT measures. That acknowledgment led to much speculation that the UAE would be removed from the 'grey list' at the FATF's next plenary session – a prediction that has now proved true.

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