Over the past several years, the UAE has been pushing to ensure financial transactions in the country are legitimate, transparent and that everyone's money and savings are secure. Through constant monitoring and diligence, authorities have clamped down on illicit financial flows all the more stringently to align with global standards and comply with the best practices.
On Friday, the strength of UAE's financial system was acknowledged when the Financial Action Task Force (FATF), a Paris-based international body, recognised the country's progress in tackling financial vulnerabilities and removed it from a "grey list" that it was put on in March 2022, along with two dozen other countries.
Welcoming the FATF move, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, said: “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities."
The FATF's clearance is likely to lead to even greater foreign capital inflows and investment
The UAE took on a whole-of-government approach to achieve this. Some of the steps taken in this period include scrutinising financial investigations more thoroughly, prosecuting where necessary, improving co-operation among international bodies and putting in place stringent measures where virtual asset regulation is concerned. Not only that, from March 2022 to July 2023, the UAE confiscated assets worth more than Dh1.3 billion ($354 million) and issued fines that added up to Dh199 million in the first half of last year to combat money laundering.
Taking consistent action in fully securing its financial frameworks reflects on the efficiency with which the UAE has been able to achieve this goal. It also speaks of the political will to tackle global financial menaces such as money laundering and illicit financing.
The FATF's clearance is likely to lead to even greater foreign capital inflows and investment. Usually, when a country is placed on the FATF’s grey list, capital flows decline. In the UAE's case, however, the total value of foreign direct investment increased 10 per cent year on year to $22.7 billion in 2022. Unsurprisingly perhaps, this can be attributed to the country’s position as a world-class financial hub and the reputation it has steadily built.
Speaking to The National about the various benefits of being taken off the list, Jonny Bell, director of financial crime compliance and payments at LexisNexis Risk Solutions, said they included "heightened foreign investment into the UAE, expanded international trade facilitated by improved credit agreements, decreased dependence on foreign lending and reduced exposure to money laundering".
As more people settle down to the safety and quality of life that the UAE provides, authorities understand the importance and the responsibility of keeping the country's financial frameworks secure and robust. This has come as a result of constant vigilance that will need to be kept up at all times. As technologies evolve, groups with ulterior motives operating from any part of the world, are able to exploit them for nefarious purposes. Vigilance involves continuing to apply international best practices – a process the UAE clearly takes seriously, as it remains focused on not just growing but also diversifying its economy to weather all potential threats in the future.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
UAE currency: the story behind the money in your pockets
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
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PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
The specs
Engine: 1.5-litre 4-cylinder petrol
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Torque: 250Nm
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
