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Dubai (AFP) – The United Arab Emirates has pledged “vigorous actions” against money laundering and terrorist financing after the Middle East financial hub was placed on a gray list of countries under intense scrutiny.
The wealthy Gulf state, which includes trade and tourism hub Dubai, was named to the Paris-based Financial Action Task Force’s list of 23 on Friday, joining Yemen, Syria and South Sudan. South.
Grey-listed countries are “actively working with the FATF to address strategic gaps in their anti-money laundering, terrorist financing and proliferation financing regimes,” the global watchdog said in a statement. a statement.
UAE officials said they would work to meet a list of demands set out by the task force, including increasing prosecutions and identifying sanctions violations.
“The UAE takes its role in protecting the integrity of the global financial system very seriously,” the UAE Executive Office for Combating Money Laundering and Terrorist Financing said in a statement. .
“The UAE will continue its ongoing efforts to identify, disrupt and punish criminals and illicit financial networks,” he added, pledging “vigorous actions and continued measures…to ensure stability and peace.” ‘integrity of the country’s financial system’.
The resource-rich United Arab Emirates has become a nexus connecting the Middle East, Europe, Central Asia and Asia. Dubai has the busiest airport in the world in terms of international passenger traffic and one of the busiest seaports.
While the desert country has managed to diversify its economy rather than relying on oil, experts and international organizations have long criticized the failure to crack down on murky financial dealings.
© 2022 AFP
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