FATF has published a report on the UAE

18th of July

The Financial Action Task Force on Money Laundering (FATF) has published a report on the UAE.  The report provides an overview of the country's achievements in improving risk assessment in various sectors, developing a legal framework for virtual assets, and recruiting staff for new agencies involved in the prevention of money laundering and terrorist financing. In addition, there has been a transfer of the legal entity registry to the federal level.

Over the past 2-3 years, the UAE has been actively seeking to shed its status as a "money laundering jurisdiction" and improve its performance at the level of the European Union and FATF. To this end, the country has been noticeably building up its AML competences. The country is also keen to attract investment, which requires a transparent framework, which is why it has recently established a Ministry of Investment to, among other things, promote capital inflows and oversee their regulation.

Intelligent Solution Group offers accounting support services for UAE registered companies. Given the increased reporting controls, we recommend taking all necessary measures in advance to prevent possible risks and losses to your business in the future. We understand the importance of compliance with all regulations and rules, and we are ready to provide reliable and professional accounting support for your business in the UAE.

Contact us and our expert will answer all your questions.