A Report by CYS Global Remit Legal & Compliance Office
Great news from the financial world! The United Arab Emirates (U.A.E.) has recently been removed from the list of countries requiring increased monitoring for anti-money laundering and counterterrorist financing.
The Financial Action Task Force (FATF), a renowned global watchdog based in Paris, made this significant decision. They acknowledged the U.A.E.'s remarkable efforts in strengthening its anti-money laundering and counterterrorist financing regime. These efforts included addressing concerns outlined in a 2022 FATF action plan and demonstrating unwavering political support for further action.
FATF highlighted that the U.A.E. has notably enhanced the quality and utilization of financial intelligence to support investigations into financial crime cases. Moreover, the country has developed enhanced measures ensuring the transparency of beneficial ownership of legal entities, thus curbing potential misuse.
Here at CYS Global Remit, staying informed and vigilant is paramount. As part of our continuous monitoring protocol, we are committed to keeping abreast of updates from the FATF website. Additionally, we remain proactive in monitoring transactions to uphold our vigilance against illicit activities.
Source: wsj.com
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