AML Fines - A Summary of important penalties imposed on financial institutions in 2021

According to a report by Bloomberg News, the UAE could be placed on the EU's Financial Action Task Force (FATF) "grey list" for failing to combat money laundering and terrorism financing.

According to a report by Bloomberg News, the UAE could be placed on the EU's Financial Action Task Force (FATF) "grey list" for failing to combat money laundering and terrorism financing.

In June 2021, the FATF agreed to add Haiti, Malta, the Philippines, and South Sudan to its "jurisdictions under its heightened monitoring" list, and the UAE would follow suit.


The Financial Action Task Force (FATF) is expected to put the United Arab Emirates on its "grey list" early this year, according to unnamed sources.

Given the UAE's status as a key financial center in the Middle East, this decision would be huge.


It is believed that FATF will reach a resolution in late February at a plenary meeting.

In November, the UAE sent a report to the FATF, but according to Bloomberg, the country has not met many of the standards required to avoid being placed on the grey list.


A planned trip to Paris in future weeks will give Emirati authorities a second shot at the FATF, they said in a statement.

By fLEXI tEAM