International trust in the UAE has increased: the country's removal from the FATF gray list

The UAE has taken a significant step in strengthening its status in the global economy: the country was removed from the Financial Action Task Force (FATF) gray list, an international organization that develops and promotes measures to combat money laundering and terrorist financing. The decision was taken at the last FATF meeting held in Paris on February 23, 2024. Thus, the international regulator recognized the efforts of the UAE in the field of ensuring financial stability and security.

FATF's gray list includes countries that the organization deems not to maintain adequate standards in this area. An exception to this list is an important achievement for the country that has several key implications and facts:

1) Confirming the UAE's efforts in recent years to strengthen its anti-money laundering and anti-terrorist financing laws and practices;

2) Improvement of reputation, which indicates its progress and leads to improvement of reputation in the international community and among investors, which contributes to the attraction of new investments and development of the economy;

3) Positive impact on business, which means a more stable and transparent business environment in the UAE for entrepreneurs and investors.

And while the country's exemption from the FATF gray list is an important development for a country like the UAE, which positions itself as a key player in the global economy, the exemption itself does not mean that the UAE has completed its efforts to combat financial crimes. It is rather a confirmation of their commitment to continue working on improving their systems and processes.

For additional information on the features of taxation in the UAE, including the new corporate tax, we recommend reading the article at the link.

Use the services of Antwort Law's experienced lawyers during the process of registering a company in the UAE, opening bank accounts and obtaining visas. Our experts have in-depth knowledge of local legislation and international standards, which will allow you to ensure compliance with all necessary legal requirements and minimize risks for your business. We work for your protection, ensuring a safe and successful start of your business in the UAE.