EU removes UAE from high-risk money laundering list

(Web Desk): The European Union has officially removed the United Arab Emirates (UAE) from its list of high-risk countries for money laundering and terrorist financing, according to a report by Gulf News.

The UAE’s top financial regulator hailed the decision as a major national achievement.

Khaled Mohamed Balama, Governor of the UAE Central Bank and Chairman of the National Committee for Combating Money Laundering and Terrorism Financing, stated that the move reflects the country’s “visionary leadership” and long-term strategic planning.

He added that this significant development was the result of diplomatic efforts led by Deputy Prime Minister and Foreign Minister Ishaq Dar and Sheikh Abdullah bin Zayed Al Nahyan, who chairs the country’s High Committee for Anti-Money Laundering Strategy.

In recent years, the UAE has carried out comprehensive reforms in its legal and financial frameworks to combat money laundering and terrorist financing.

Balama described the EU's decision as a major step toward building a modern financial system and strengthening effective governance in the UAE.

He emphasized that this move reflects the country’s commitment to enhancing the resilience, transparency, and global competitiveness of its financial system.

He also acknowledged the contributions of regulatory bodies, financial institutions, and the private sector in achieving this milestone.

It’s worth noting that the Financial Action Task Force (FATF) had already removed the UAE from its grey list in February 2024.