UAE wants to leave FATF list
The United Arab Emirates may soon be delisted from the Financial Action Task Force (FATF). This may come as a result of the country's efforts to diversify its economy and reduce its dependence on oil exports. Recent news from the UAE suggests that the country is looking to develop the economy and non-oil sectors, such as financial services, cutting-edge technology and digital assets. The increasing role of financial services and digital assets will make the country a global hub for financial innovation. The latest technology is creating innovative start-ups and attracting investment in high-tech projects. This will diversify the economy and increase its resilience to oil price fluctuations.
The UAE recognises that graduation from the FATF list could be an important moment for the country, providing increased investor confidence by opening up access to international financial markets, so it is now actively working to improve its control systems and compliance with financial standards. If the United Arab Emirates can successfully overcome the challenge and meet all the necessary requirements, the country will be removed from the FATF list, be able to develop its own economy and become an international financial leader.
Withdrawal from the FATF list will bring a number of benefits to the UAE:
- increasing the confidence of international investors and financial institutions;
- attracting new investment, developing the financial sector;
- strengthening international ties and expanding opportunities for economic cooperation.
However, overcoming the challenge and graduating from the FATF list requires continued efforts and adherence to high standards of financial transparency and security. The UAE must continue to improve its controls and supervision, and strengthen cooperation with other countries and international organisations in combating money laundering and terrorist financing.
Along with the development prospects, there will be more pressure on business: increased compliance at banks, regulators' scrutiny of registered companies, and accounting in detail. Intelligent Solution Group experts know the nuances of doing business, including business registration in the UAE in detail. We have handled dozens of cases of different complexity, so we have first-hand experience of the specifics and know how to solve arising issues. We have a representative office in the UAE and our specialists are ready to:
- advise you on how to register and do business in the UAE;
- register a company;
- open a corporate account in the UAE payment system;
- take over accounting services for your company.