Monday, September 26, 2022

The FATF also added the UAE to the gray list

 


PARIS (INP) – The FATF has also blacklisted the United Arab Emirates, with the Financial Action Task Force tasking the UAE with major and fundamental changes to its system. 


According to the details, the United Arab Emirates, one of the largest economies in the world, has been hit hard. According to a report by the international news agency Reuters, the Financial Action Task Force has announced the inclusion of the UAE in the gray list.

A statement issued at the end of the four-day meeting in Paris said that the UAE The UAE has been able to implement more than half of the points made by FATF since 2020, but it needs to take further steps. According to a Reuters report, FATF’s gray list Joining the UAE is a big blow to the UAE economy. Disappointing news for Pakistan also came from Paris, the capital of France. According to Samaa News, at the end of the four-day meeting in Paris, the FATF, after reviewing Pakistan’s performance report, decided to keep Pakistan on the gray list. On the last day of the meeting, Pakistan’s five action plans on money laundering and terrorist financing were reviewed. 


Deciding to be on the gray list for the month, he set a June deadline. Remember that Pakistan has been on the FATF’s gray list since 2018. It should be noted that the Financial Action Task Force is a global organization, which was established in Paris in 1989 by the G7 Summit. Its main objective was to prevent money laundering globally. However, its mandate was extended in 2011 by increasing its mandate. 

These goals included protecting the international financial system from terrorism, money laundering and other such threats, and taking appropriate legal, regulatory and practical steps in this regard. 


The organization has a total of 38 members, not including Pakistan. The organization meets every 4 months, ie 3 times a year. Each meeting looks at the extent to which its recommendations have been implemented.

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