MENAFATF raises UAE's technical compliance in three important areas
The Middle East and North Africa Financial Action Task Force (MENAFATF) has decided to raise the technical compliance assessment of the UAE in three important recommendations for combating money laundering and terrorist financing, Trend reports with reference to WAM.
The decision was endorsed by consensus during the 32nd MENAFATF General Meeting on 6th June, 2021.
The UAE’s rating has been raised from "partially compliant" to "compliant" within Recommendations 6 and 7, which are focused on targeted financial sanctions to combat terrorism, terrorist financing, and proliferation. The country's compliance rating has also been raised from "partially compliant" to "largely compliant" for Recommendation 25 on transparency and beneficial ownership of legal arrangements and entities.
With this achievement, the UAE becomes "committed" and "largely committed" in 37 of the 40 recommendations made by the Financial Action Task Force to combat money laundering and terrorist financing. The satisfactory rating of the vast majority of recommendations places the UAE among advanced countries in the field of technical compliance with combating money laundering and terrorist financing worldwide.