The European Commission plans to remove the UAE from its list of countries deemed to have strategic deficiencies in anti-money laundering and counter-terrorist financing measures. The updated list is expected to be approved by the European Parliament and the Council of the EU within a month, after which it will enter into force.
The EU’s decision is based on the UAE’s demonstrated efforts to combat financial crime, as positively assessed by the Financial Action Task Force (FATF). In early 2024, FATF removed the UAE from its "grey list" due to substantial legislative improvements.
In September 2024, the UAE adopted a comprehensive national strategy for combating money laundering and terrorist financing for the period 2024–2027. Key elements of the strategy include:
- Continuous enhancement of legislation to address emerging risks
- Development of international cooperation for information sharing
- Strengthened oversight of financial institutions and other private-sector entities
- Increased transparency of beneficial ownership information
- Intensified efforts to detect and prevent illicit financial activity
The strategy also accounts for evolving risks associated with virtual assets and emerging forms of cybercrime.