The United Arab Emirates may have made efforts in recent years to prevent money laundering and terrorism financing, but it may be too little too late.
The Financial Action Task Force (FATF) has put the UAE on notice after it found major or fundamental needs for improvement in ten out of 11 areas examined in a new report in order to stop the flow of dirty money. The report took 14 months to comply.
The trans-governmental organisation has now put the country under a year-long observation and if it fails to improve during that period, then it may see itself join the ranks of other countries like Syria, Yemen and Pakistan, which the FATF deems to have “strategic deficiencies”, Reuters reported.
Copyright © 2018 RegTech Analyst
