Ahmed Al Sayegh, a minister of state in the foreign ministry, says that the United Arab Emirates (UAE) has significantly increased its ability to stop flows of dirty money, as the Middle East’s main financial hub works to keep itself off a global money-laundering watchlist, maintained by the Financial Action Task Force (FATF).
Inclusion on the FATF watchlist would probably not deter financial institutions looking to set up in the UAE, bankers said. However, the consequent reputational damage could raise costs for banks doing business with global counterparts, and complicate compliance issues for international lenders.
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