EU Votes to Keep UAE on Grey List

EU Grey List 2022 (TABInsights)

April 23, 2024 (Brussels) – The European Parliament acted today to keep the United Arab Emirates (UAE) on its grey list.

The Parliament approved a motion for a resolution to object to a Commission regulation that would have removed the UAE and other countries from the EU’s grey list of high-risk third countries with deficiencies in their anti-money laundering and counter terrorist financing (AML/CFT) regimes. The grey list helps protect Europe from the risks associated with illicit financial flows and sanctions evasion.

Anrike Visser, Senior Advisor to The Sentry, said: "The European Parliament today sends a strong signal to countries enabling sanction evasion, illicit arms trade, and conflict gold. The UAE will remain on the EU High-Risk Third Countries list until it can prove that it implements and enforces AML/CFT measures. The EU’s decision is an important action in solidarity with the people in countries like Sudan and Ukraine who have faced massive suffering fueled through the illicit activities of foreign states."

For media inquiries or interview requests, please contact: Greg Hittelman, Director of Communications, gh@thesentry.org

About The Sentry
(Short descriptor for press use: “The Sentry, an investigative organization that tracks corruption”)

The Sentry is an investigative and policy organization that seeks to disable multinational predatory networks that benefit from violent conflict, repression, and kleptocracy. Pull back the curtain on wars, mass atrocities, and other human rights abuses, and you’ll find grand corruption and unchecked greed. These tragedies persist because the perpetrators rarely face meaningful consequences. The Sentry aims to alter the warped incentive structures that continually undermine peace and good governance. Our investigations follow the money as it is laundered from war zones to financial centers around the world. We provide evidence and strategies for governments, banks, and law enforcement to hold the perpetrators and enablers of violence and corruption to account. These efforts provide new leverage for human rights, peace, and anti-corruption efforts. Learn more: www.TheSentry.org

Anti-Corruption Groups Warn Against Removal of UAE from Europe’s Financial Grey List

April 17, 2024 (Brussels and Washington, DC) - Today, The Sentry and Transparency International EU sent a joint letter to the European Parliament calling on the EU to not remove the United Arab Republic (UAE) from its grey list of high risk third countries with strategic deficiencies in their anti-money laundering and counter terrorist financing (AML/CFT) regimes.

Anrike Visser, Senior Illicit Finance Policy Advisor to The Sentry, said: “The EU now has an opportunity to right a wrong: the UAE should have never been removed from the FATF grey list. To protect the European financial system and the integrity of its AML/CFT assessment mechanism, it is critical that the EU keep the UAE on the EU grey list, specifically the EU High Risk Third Countries list. We cannot reward a country that blatantly facilitates sanctions evasion, illicit arms trade, and conflict gold sales.”

In February 2024, the UAE was removed from the Financial Action Task Force (FATF) grey list despite an array of concerns, including a UN report on the UAE’s ongoing illicit arms and gold trade with Sudan and news reports of a possible cash-for-gold scheme with Russia and gold trafficking from Zimbabwe.

Visser added, “On paper, the UAE made some improvements, but very significant problems remain. This is not just indicated by multiple concerning cases coming to light, but by the FATF's own assessment.”

According to the FATF ratings, the UAE scores low on implementation and enforcement a ranking below South Africa, Turkey, and Croatia, countries that currently remain grey listed.

For media inquiries or interview requests, please contact: Greg Hittelman, Director of Communications, [email protected]rg

About The Sentry
The Sentry is an investigative and policy organization that seeks to disable multinational predatory networks that benefit from violent conflict, repression, and kleptocracy. Pull back the curtain on wars, mass atrocities, and other human rights abuses, and you’ll find grand corruption and unchecked greed. These tragedies persist because the perpetrators rarely face meaningful consequences. The Sentry aims to alter the warped incentive structures that continually undermine peace and good governance. Our investigations follow the money as it is laundered from war zones to financial centers around the world. We provide evidence and strategies for governments, banks, and law enforcement to hold the perpetrators and enablers of violence and corruption to account. These efforts provide new leverage for human rights, peace, and anti-corruption efforts. Learn more: www.TheSentry.org

About Transparency International EU

Transparency International EU is part of the global anti-corruption movement, Transparency International, which includes over 100 chapters around the world. Since 2008, Transparency International EU has functioned as a regional liaison office for the global movement and as such it works closely with the Transparency International Secretariat in Berlin, Germany.

Transparency International EU leads the movement’s EU advocacy, in close cooperation with national chapters worldwide, but particularly with the 24 national chapters in EU Member States.

Transparency International EU’s mission is to prevent corruption and promote integrity, transparency and accountability in EU institutions, policies, and legislation.

Learn more: https://transparency.eu