Latest news with #AhmedbinAliAlSayegh
Time of India
10-07-2025
- Business
- Time of India
The UAE is no longer a financial risk in Europe's eyes, here is what that really means
In July 2025, the EU Parliament delisted the UAE from its high-risk list, after FATF grey listing in 2022 and EU designation in 2023/ (Representative Image) TL;DR Delisted: The EU has formally removed the UAE from its high-risk AML/CFT list after Parliament's approval. Backstory: The UAE was grey-listed by FATF in 2022 for regulatory gaps, followed by the EU adding it to their high-risk list in 2023. Reforms: Sweeping structural and compliance changes followed, led by top leadership. Impact: Lower compliance hurdles, improved investor confidence, renewed EU trade prospects. Outlook: Vigilance remains key, reforms must be future-proof. In global finance, reputation is everything, and recovery is never accidental. This week, after more than three years of scrutiny, reform, and international diplomatic maneuvering, the European Parliament formally endorsed the removal of the United Arab Emirates from its list of high-risk third countries for money laundering and terrorist financing. It's a bureaucratic sentence that hides a transformative story, one of ambition, reform, and the shifting geopolitics of trust. The delisting, long awaited and intensely pursued, is more than a stamp of approval. It's a signal. A nod from Europe that the UAE is no longer seen as a financial blind spot, but as a committed partner in global regulatory efforts, and that matters not just for compliance officers and policymakers, but for investors, traders, and everyday citizens whose livelihoods depend on global finance functioning well, and functioning clean. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo The decision was welcomed by UAE officials as a validation of the country's broader financial reform agenda. 'The UAE welcomes the European Parliament's endorsement of the European Commission's updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation's unwavering commitment to the highest international standards in combating global financial crime,' said Ahmed bin Ali Al Sayegh, UAE Minister of State, in a statement to Emirates News Agency (WAM). The minister's statement followed the European Parliament's approval of the European Commission's updated list, which formally delisted the UAE along with Barbados, Panama, Senegal and Uganda. At the same time, the EU added Lebanon and nine other jurisdictions: Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela to its high-risk monitoring list. What Is the FATF and the EU High-Risk list , and why do they matter? The Financial Action Task Force (FATF) is an intergovernmental body based in Paris that sets global standards to combat money laundering, terrorist financing, and other financial crimes. Established in 1989, it monitors compliance across over 200 jurisdictions and issues guidance that shapes international regulatory policies. One of FATF's most influential tools is the 'grey list', officially known as jurisdictions under increased monitoring . Countries placed on the list are identified as having strategic deficiencies in their AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) systems. Being listed can lead to: Increased scrutiny from global banks Slower, more expensive transactions Reputational damage Reduced investor confidence FATF listings strongly influence the EU's own high-risk third-country list, which imposes: Enhanced due diligence by EU financial institutions Stricter compliance and verification protocols Delisting signals that a country has taken concrete, measurable steps to improve its financial oversight, as the UAE has done. It restores confidence, unlocks smoother financial flows, and clears a path for stronger economic ties with the EU and beyond. Timeline: From FATF grey list to EU green light (2022–2025) March 2022: The Financial Action Task Force (FATF) places the UAE on its 'grey list' of countries under increased monitoring, citing strategic deficiencies in its AML/CFT framework. March 2023: The EU adds the UAE to its list of 'high-risk third countries,' triggering enhanced due diligence requirements for EU-based financial institutions engaging with UAE-linked businesses. February 2024: FATF removes the UAE from its grey list, citing demonstrable progress in key compliance areas—investigations, convictions, regulatory tightening, and international cooperation. June 2025: The European Commission proposes removing the UAE from its updated list, while adding Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela. July 2025: The European Parliament formally endorses the Commission's proposal. The UAE is officially removed from the EU high-risk list. Other jurisdictions removed alongside the UAE include: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda Why was the UAE listed to begin with? The UAE's meteoric rise as a global finance and trade hub brought opportunity, and exposure. In 2022, the Financial Action Task Force (FATF) placed the country on its grey list, citing structural weaknesses in its anti-money laundering and counter-terrorism financing (AML/CFT) framework. Key concerns included: Under-regulated high-risk sectors: Real estate, gold and precious metals, luxury goods, and corporate service providers had become gateways for illicit financial flows. Weak enforcement: Financial institutions and DNFBPs often failed to meet compliance standards. Prosecutions were limited, and penalties lacked consistency. Gaps in international cooperation: Cross-border data sharing and financial crime investigations were seen as insufficiently robust. At its core, the UAE had built the infrastructure of a global financial powerhouse, but its regulatory systems hadn't kept pace. FATF's listing was a call for reform, not a rebuke of ambition. What reforms did the UAE implement? The UAE launched a sweeping reform agenda to address the concerns raised by international watchdogs, with efforts led by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and brother of President Mohamed bin Zayed. Delisting became a national priority, driving coordinated action across regulatory, judicial and enforcement bodies. The country moved quickly to implement structural reforms and enforce stricter compliance. Major actions included: Adoption of the 2024–2027 national AML/CFT strategy, aligning regulatory goals with FATF standards. Creation of specialized AML/CFT courts to fast-track financial crime prosecutions. Targeted crackdowns: Over Dh339 million in fines were levied on exchange houses, foreign banks, and insurance firms. Real estate, gold, and virtual assets, traditionally vulnerable sectors, faced expanded oversight. Cross-border cooperation surged, including new data-sharing mechanisms between the Ministry of Economy and Dubai Police to track beneficial ownership. a key FATF concern. Technological reforms were embedded into compliance systems, signaling a shift from reactive regulation to predictive enforcement. Increased international cooperation, including information sharing with foreign intelligence and financial agencies. Boosted virtual asset regulation to address risks in crypto markets and decentralized finance. All these led the FATF to finally remove the UAE from its grey list in February 2024, citing its 'significant progress' and increased convictions in financial crimes. The EU, whose own list typically mirrors the FATF's assessments, followed suit a month later with a formal announcement, culminating in this week's final parliamentary approval. Why the delisting matters, beyond bureaucracy To the casual observer, being taken off a regulatory list might sound technical. But the downstream effects are very real. Delisting carries both symbolic and tangible benefits for the UAE: 1. Lower Compliance Burdens EU-based banks and firms will no longer need to perform enhanced due diligence on Emirati clients and transactions. This reduces administrative costs, document requirements, and potential delays in financial services. 2. Improved Market Confidence Foreign investors, particularly in banking, fintech, and real estate, are likely to see the UAE as a safer, more transparent jurisdiction. The move strengthens the UAE's case as a trusted global financial hub, especially as it competes regionally with Qatar and Saudi Arabia. 3. Boost to EU-UAE Trade Talks The UAE's presence on the blacklist had complicated ongoing negotiations over a trade deal with the EU. Delisting clears the way for deeper talks on strategic sectors like renewable energy, artificial intelligence, digital services, and critical raw materials. As Minister Al Sayegh put it, 'We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples.' Caution Beneath the Confidence The UAE's victory is real, but the pressure is not over. As its financial doors swing wider open and its global credibility rises, so too does the incentive for illicit actors to exploit its systems. That's the paradox of success: the cleaner your house, the more others will test the windows. This is why Emirati authorities are emphasizing not just compliance, but future-proofing, making sure regulations can evolve with emerging threats, from digital currency laundering to cross-border terror financing. And this is where the UAE's next challenge lies: not simply avoiding regression, but building a regulatory architecture that is adaptive, anticipatory, and globally interoperable. FAQs Q: What is the FATF? The FATF is a global body that sets standards to combat money laundering and terrorist financing. It monitors countries to ensure they follow these rules and protect the financial system. Q: Why was the UAE put on the FATF grey list? The UAE was listed because of weaknesses in its laws and enforcement, especially in high-risk sectors like real estate and virtual assets, which made it vulnerable to financial crime. Q: What does being on the EU high-risk list mean? It means the EU requires financial institutions to apply stricter checks on transactions involving that country to prevent illicit money flows. Q: How did the UAE improve to get removed from the lists? The UAE implemented stronger laws, created special courts, increased oversight in vulnerable sectors, fined non-compliant firms, and enhanced cooperation with international partners. Q: What does delisting mean for the UAE? Delisting signals restored trust from international regulators, easing financial transactions and boosting investor confidence. Q: Are there risks even after delisting? Yes, the UAE must continue adapting its regulations to address emerging threats like digital currency abuse and evolving financial crimes. Q: Why does this matter to ordinary people? Effective financial controls support a stable economy, protect investments, and promote job growth and business opportunities.
Dubai Eye
09-07-2025
- Business
- Dubai Eye
UAE welcomes removal from EU financial crime watchlist
The UAE has welcomed its removal from the European Union's list of high-risk third countries for money laundering and terrorist financing. In a statement, Minister of State, Ahmed bin Ali Al Sayegh called the move a clear and independent recognition of the UAE's strong commitment to combating financial crime and upholding international standards. He said the UAE remains a trusted global financial hub and a reliable partner to the EU, with anti-money laundering and counter-terror financing systems that are not only robust, but future-ready. The minister also emphasised that the UAE looks forward to strengthening its partnership with the European Union—highlighting shared goals of economic growth, security and closer cooperation. #UAE welcomes removal from EU list of high-risk third countries for AML/CFT #WamNews — WAM English (@WAMNEWS_ENG) July 9, 2025
ARN News Center
09-07-2025
- Business
- ARN News Center
UAE welcomes removal from EU financial crime watchlist
The UAE has welcomed its removal from the European Union's list of high-risk third countries for money laundering and terrorist financing. In a statement, Minister of State, Ahmed bin Ali Al Sayegh called the move a clear and independent recognition of the UAE's strong commitment to combating financial crime and upholding international standards. He said the UAE remains a trusted global financial hub and a reliable partner to the EU, with anti-money laundering and counter-terror financing systems that are not only robust, but future-ready. The minister also emphasised that the UAE looks forward to strengthening its partnership with the European Union—highlighting shared goals of economic growth, security and closer cooperation. #UAE welcomes removal from EU list of high-risk third countries for AML/CFT #WamNews July 9, 2025
Al Etihad
09-07-2025
- Business
- Al Etihad
UAE welcomes removal from EU list of high-risk third countries for AML/CFT
9 July 2025 15:41 ABU DHABI (WAM)Statement attributed to Ahmed bin Ali Al Sayegh, Minister of State:'The UAE welcomes the European Parliament's endorsement of the European Commission's updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation's unwavering commitment to the highest international standards in combating global financial crime. The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust but also future-proof and capable of addressing emerging global threats. As one of the world's fastest-growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system. We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples.
ME Construction
09-06-2025
- Business
- ME Construction
AD Ports Group unveiled the inaugural phase of Tbilisi Intermodal Hub in Georgia
Infrastructure AD Ports Group unveiled the inaugural phase of Tbilisi Intermodal Hub in Georgia By The Tbilisi Dry Port, the initial phase of the Tbilisi Intermodal Hub, will be expanded by early 2026 to include long-term warehousing, container yards, truck parking, and a fourth railway spur AD Ports Group has unveiled the inaugural phase of Tbilisi Intermodal Hub, Georgia's first modern, bonded container and intermodal terminal. This logistics hub plays a crucial role in the group's emerging Central Asian transport strategy, said a statement. The rail-linked logistics centre connects the Caspian and Black seas through Georgia, forming a component of the Middle Corridor, the shortest trade route between Asia and Europe. AD Ports Group owns a 60% stake in Tbilisi Intermodal Hub, and the rest is held by Inveco, a local Georgian investment advisory firm, and Wilhelmsen Group. Ahmed bin Ali Al Sayegh, Minister of State, UAE Ministry of Foreign Affairs said, 'Under the visionary leadership of the UAE Government, we are committed to enhancing international cooperation with strategic global partners who share our vision for mutual benefit and sustainable prosperity. The inauguration of Tbilisi Intermodal Hub exemplifies this commitment by actively developing global trade routes and creating market opportunities for UAE and Georgian businesses.' Jemal Inaishvili, Founder of Inveco, Georgia added, 'The inauguration of Tbilisi Intermodal Hub is a major step for the development of the logistics sector in Georgia and Central Asia. Leveraging its extensive expertise in port operations and logistics, AD Ports Group is introducing advanced management practices to Georgia's logistics sector. This collaboration not only enhances the operational efficiency of the Tbilisi Intermodal Hub but bolsters economic ties between the UAE and Georgia.' The Tbilisi Intermodal Hub's initial phase, the Tbilisi Dry Port, is an Inland Container Depot (ICD) that handles container cargo transported by rail and truck. The group and its partners plan to expand the facility by early 2026. This expansion will include long-term warehousing, additional container yards, truck parking, and a fourth railway spur. The goal is to transform the facility into a full-service import-and-export logistics hub for all of Central Asia, a growing region that AD Ports Group positions as a growth corridor, the statement added. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group commented, 'The inauguration of the first phase of Tbilisi Intermodal Hub is a significant step in our long-term plan to develop the Middle Corridor into a viable East-West trade corridor through Central Asia, where the volume of goods is expected to triple by 2030, according to The World Bank. Under the wise guidance of our leadership in the UAE, AD Ports Group is dedicated to pioneering the strategic, low-impact trade corridors of a sustainable future. With our investments in Tbilisi and elsewhere along the Middle Corridor, we are strengthening global supply chains through investments that foster economic growth and job creation, by creating efficient trade pathways that cater to the emerging economies of Central Asia.' As Tbilisi Intermodal Hub expands in its second and third phases, it will process a wide range of cargo, including containerised vehicles and various forms of bulk and break-bulk commodities such as minerals, ores, and fertilisers. These commodities play a crucial role in the supply chains of Georgia, Armenia, and Azerbaijan, as well as serving as an East-West crossroads for goods between China and Europe. Tbilisi Intermodal Hub's soft launch commenced when it received its inaugural shipment of 30 containers, each carrying over 26t of cargo. These containers were delivered via rail link from an MSC ship docked at Georgia's Black Sea Port of Batumi. Tbilisi Intermodal Hub, an inland extension of Batumi and the Port of Poti, Georgia's key seaports, will play an important role as a logistics staging hub, accelerating trade flows across the Caucasus region and Central Asia. The facility has received both customs zone authorisation and Georgia's first railway infrastructure operation and safety certification from the state Rail Transport Agency. The inauguration of the Georgian intermodal logistics hub marks a significant milestone in the Group's strategy to transform the Middle Corridor into a viable and modern high-volume trade corridor connecting China and Europe through Central Asia. This corridor will be facilitated by the Group's ports and maritime assets in Türkiye and Pakistan. Stretching over 7,000km, the Middle Corridor is anticipated to handle up to 1.9m TEUs of container cargo annually by 2040. This surge in cargo volume is driven by manufacturers' growing preference for shorter seaborne routes to avoid longer transit times. Tbilisi Intermodal Hub will initially handle up to 96,000 TEUs annually. The facility enables flexible cargo flows from Central Asia and the Far East via multiple transport modes railcars, shipper-owned containers, and trucks – with cross-docking to ocean carriers for global distribution, and vice versa. By early 2026, the second phase of construction will more than double the annual handling capacity of Tbilisi Intermodal Hub to up to 200,000 TEUs. Connected to Georgia's national rail network, the hub offers direct access to the country's international highways, thus bypassing city congestion. The inauguration of this facility marks a significant milestone for AD Ports Group, aligning with its mission to enhance global trade routes and logistics capabilities. Tbilisi Intermodal Hub not only strengthens economic ties between the UAE and Georgia but also positions both nations as key players in the Middle Corridor.
