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EU Plans to Delist UAE from Its Money-Laundering Risk List

The European Union is set to remove the UAE from its high-risk list for money laundering and terrorism financing after recent global progress.

  • Publish date: since 3 days
EU Plans to Delist UAE from Its Money-Laundering Risk List

The European Union is moving to drop the United Arab Emirates from its list of countries flagged for having weak systems against money laundering and terrorism financing.

The decision, announced by the European Commission, signals that the UAE has taken steps to meet international standards. While the move isn’t final yet, it’s a major step forward for the Gulf country, which has been lobbying for its removal from the list.

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Final Approval Still Needed

Before the change becomes official, it must be approved by the European Parliament and EU member states. Last year, the Parliament blocked a similar attempt to delist the UAE. If cleared this time, the UAE will no longer be considered a jurisdiction with “strategic deficiencies” in its anti-money laundering (AML) and counter-terrorism financing (CFT) policies.

Background: UAE’s Global Compliance Efforts

The Financial Action Task Force (FATF), the global watchdog on money laundering, had already taken the UAE off its “grey list” for increased monitoring in 2023. The EU’s latest decision is seen as a follow-up to that global recognition.

Maria Luis Albuquerque, the EU’s financial services commissioner, said the step shows a shared commitment to meeting global compliance benchmarks.

Read More: UAE to Open Prosecution Offices for Money Laundering

More Countries Affected

Aside from the UAE, the EU also plans to remove Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda from the high-risk list.

Meanwhile, Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela are set to be added.

A Boost for UAE-EU Trade Ties

The expected delisting comes at a time when the EU and UAE are working to strengthen trade relations, with both parties recently agreeing to begin talks for a free trade deal.

If approved, this move could clear the way for smoother financial transactions and improved confidence in the UAE’s financial sector from European investors.

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