The United Arab Emirates (UAE), which includes Dubai, regularly suspected of harboring the money of criminals and Russian oligarchs under sanctions, will they soon be removed from the list of third countries at high risk of money laundering established by the European Union (EU)? This is the dark scenario that a transpartisan group of MEPs wants to avoid, while Europe has made the fight against dirty money and the financing of terrorism a priority, and must soon adopt a reinforced action plan on the subject.
According to information from Worldseven European parliamentarians ask the Commission for clarification on its intention to “whiten” the United Arab Emirates, removing them from the list where they were placed only a year ago.
This decision by the Brussels executive was pre-notified on February 29 to MEPs who are members of the “ECON” (economic and monetary affairs) and “LIBE” (civil liberties) committees, and could be officially announced before mid-March. In a common letterthe Frenchman Damien Carême (Greens/European Free Alliance), the Finnish Eero Heinaluoma (Socialists and Democrats) and elected representatives from the Renew Europe and European United Left groups warned, Friday March 8, Commissioner Mairead McGuinness, responsible for financial services, against a hasty decision that carries risks for the EU financial system.
“We urge the Commission (…) to fully assess whether the criteria for delisting are indeed met before proposing the removal of the UAE from the list”plead the signatories of this letter, all experts in financial crime issues and associated with European negotiations on the future anti-money laundering regulation.
“Significant progress” in the fight against money laundering
Of course, the European Commission’s draft decision does not fall from the sky. It is based on the analysis of the Financial Action Task Force (FATF), the reference intergovernmental organization, which establishes and disseminates anti-money laundering standards on a global scale.
On February 23, the organization announced the removal of the UAE from its “grey” list of countries under enhanced surveillance – which now only numbers twenty-one. Of the “significant progress” were accomplished by the Emirates to “improve their anti-money laundering system” and correct the deficiencies identified in 2022, justified the FATFciting the desire of the emirates to “facilitate investigations” on money laundering within the framework of international cooperation, “ an increase in suspicious transaction reports » from companies, “an increase in prosecutions and sanctions”or ” a better understanding “ of the question related to “circumvention of UN sanctions by the private sector”.
You have 58.24% of this article left to read. The rest is reserved for subscribers.