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Time of India
10-06-2025
- Business
- Time of India
European Union removes UAE from money laundering high-risk list
Monaco joins the EU's 'high-risk' list alongside nine other jurisdictions, while UAE is removed In a significant development for its global financial standing, the European Union on Tuesday announced the removal of the United Arab Emirates from its money-laundering "high-risk" list. This decision reflects growing international recognition of the UAE's intensified efforts to combat financial crimes. Alongside the UAE, seven other jurisdictions were also removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. A Shifting Landscape: New Additions and Deletions While the UAE and others exited the high-risk list, the European Commission also revealed new additions. Monaco was included alongside nine other jurisdictions now subject to increased scrutiny of their money laundering controls. These newly added countries are Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela. The EU's move aligns closely with the assessments of the Financial Action Task Force (FATF), a Paris-based international watchdog. The FATF reviews the efforts of over 200 countries and jurisdictions in preventing money laundering and terrorism financing, compiling a "grey list" for nations under increased monitoring. Notably, the FATF had already removed the Philippines from its list of countries facing increased monitoring in February, while adding Laos and Nepal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 서울 특별시 거주자 전용: 무료 영웅 캐릭터를 받으세요! 레이드 섀도우 레전드 Undo Monaco has been on the FATF list since mid-2024, a list which also includes EU member states Bulgaria and Croatia. Commitment to International Standards and Future Steps Maria Luis Albuquerque, the EU's commissioner for financial services, underscored the importance of this update. She stated, "The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF." The updated EU list is not yet final. It will now undergo scrutiny by the European Parliament and member states. If there are no objections, the revised list will officially enter into force within one month, as confirmed by the Commission. Monaco's government, upon taking note of this expected update, issued a statement acknowledging their anticipated placement on the EU list, unless the European Parliament or the Council of the EU decides otherwise. The principality also stressed its firm commitment to take all necessary steps to be removed from the FATF's grey list "in the short term," indicating proactive measures to address international concerns. Also read: UAE Launches Major Money Laundering Crackdown, Collecting Dh339 Million in Fines UAE's Proactive Stance: A Glimpse at Recent Efforts The EU's decision to remove the UAE from its high-risk list comes amidst significant and widely publicized efforts by the Emirates to strengthen its anti-money laundering and counter-terrorism financing framework. In recent months, UAE regulators have launched an intense crackdown, levying over Dh339 million in fines against local exchange houses, foreign bank branches, and insurance companies. This aggressive stance includes imposing hefty penalties, pursuing systemic weaknesses in monitoring suspicious transactions, and expanding regulatory oversight to high-risk sectors such as real estate, gold and jewellery trading, auditing, and corporate service providers. Furthermore, the UAE Ministry of Economy has teamed up with Dubai Police to enhance surveillance and data sharing on beneficiary ownership details, reinforcing the nation's commitment to protecting its financial system from abuse.
Gulf Insider
10-06-2025
- Business
- Gulf Insider
UAE Hits Harder Against Money Laundering With Dh339m In Recent Fines
The UAE is ramping up efforts to combat money laundering and terrorism financing with a string of high-value penalties issued in recent months — totaling over Dh339 million — against both local exchange houses, foreign bank branches, and insurance companies operating in the country. In the latest action, the Central Bank of the UAE (CBUAE) on Tuesday imposed Dh12.3 million in fines on six exchange houses for breaching anti-money laundering (AML) regulations. The fines followed inspections that uncovered multiple violations, including failures to follow the country's AML and counter-terrorism financing (CFT) framework. This move comes just a week after the Central Bank slapped a Dh3.5 million fine on another exchange house for similar failures. Investigators cited significant lapses in the firm's adherence to AML/CFT policies and procedures. The crackdown intensified late last month with one exchange house fined Dh100 million, only days after another was hit with an even larger penalty of Dh200 million. In that case, the branch manager was personally fined Dh500,000 and permanently banned from working in any UAE-licensed financial institution. Foreign banks haven't been spared either. The Central Bank recently penalised two UAE branches of international banks with a combined Dh18.1 million in fines — one receiving Dh10.6 million, the other Dh7.5 million — for failing to meet AML/CFT compliance standards. In February, an exchange house operating in the UAE, was given a penalty of Dh3.5 million. Additionally, five banks and two insurance companies were fined a combined Dh2.62 million by the UAE Central Bank a month later. Across all these cases, regulators found a common thread: systemic weaknesses in how institutions monitored and reported suspicious transactions and verified the identities of clients and beneficiaries. The UAE's crackdown is no longer limited to the banking sector either. Authorities are expanding their regulatory net to include sectors that have traditionally been outside the formal financial system but are at high risk for abuse — such as real estate, gold and jewellery trading, auditing, and corporate service providers. To boost effectiveness, the UAE Ministry of Economy has teamed up with Dubai Police to tighten surveillance of suspicious transactions in these sectors. Their collaboration includes creating direct and secure data-sharing channels, especially for beneficial ownership details — essentially identifying the true individuals behind corporate structures and financial dealings. With fines now reaching into the hundreds of millions and bans being enforced at the individual level, the message from UAE regulators is clear: there is zero tolerance for institutions that fail to protect the financial system from abuse. As the UAE continues its efforts to meet global compliance standards and remain off international watchlists, businesses operating in high-risk sectors are now under increased pressure to upgrade their internal controls — or face steep penalties.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Dubai population on track to reach 4 million this year
Dubai's population continued to increase at a steady pace in the first quarter of 2025, crossing 3.9 million for the first time as the inflow of new residents continued. According to Dubai Statistics Centre data, the emirate's population grew 51,295 during January to March 2025 as compared to 52,143 during the same period last year, reflecting Dubai and UAE's maintaining strong appeal for foreign professionals and millionaires. At the end of the first quarter of 2025, Dubai's population stood at 3.914 million. If the population continues at the current pace, it is expected that the population of the regional financial centre is set to reach 4 million landmark in the third quarter of this year. In 2024, the emirate's population grew by over 169,000 to 3.825 million. It was the fastest increase in annual population rate since 2018. The emirate's growing population will drive growth of multiple sectors mainly real estate, retail, food and beverages (F&B), travel and tourism, hospitality and many others. Emirates NBD Research noted in its Global Investment Outlook 2025 that the UAE's non-oil economy is 'benefitting from growing population.' 'A key driver of economic growth for the UAE is its expanding population. A vibrant labour market, long-term resident visas, coupled with best-in-class infrastructure for corporates, encourage white-collar workers to shift to the UAE. This steady influx of residents boosts consumption across real estate, telecom, retail and hospitality, supporting sustainable economic growth,' said Maurice Gravier, group chief investment officer, Emirates NBD Research. He added that the UAE's growing working-age population will be one of the main economic growth drivers and prosperity in the country. According to Emirates NBD Research, Dubai's GDP grew 3.1 per cent in the first 9 months of 2024 as the total level of real GDP reached Dh339 billion, up from Dh329 billion estimated for the first 9 months of 2023. According to the Global Investment Outlook 2025, the UAE is witnessing 'a growing affluent expat population' which accounts for a major portion of Dubai and UAE's population.
