UAE: AML/CFT ASSESSMENT ENHANCED FOLLOW-UP REPORT

On 28 January, FATF published this follow-up report produced by FATF-style regional body MENA-FATF.  It sets out the progress that the United Arab Emirates has made in improving its level of compliance with the FATF standards, since the 2020 mutual evaluation.  FATF Recommendation 6 is re-rated from partially compliant to compliant; Recommendation 7 is re-rated from partially compliant to compliant; and Recommendation 25 is re-rated from partially compliant to largely compliant.  The follow-up report also assesses the implementation of FATF Recommendations that were modified since the country’s mutual evaluation, as a result, Recommendation 15 was re-rated from largely compliant to partially compliant.  UAE is now “compliant” with 13 of the 40 FATF Recommendations, “largely compliant” with 23 Recommendations and “partially compliant” with four Recommendations. The country has no “non-compliant” ratings.  UAE remains in the Enhanced Follow-Up process, with the second Enhanced Follow-Up Report to be submitted to the Plenary meeting in April/May 2021.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/MENAFATF-FUR-UAE-Nov%202021.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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