DUBAI: The United Arab Emirates said it was assessing the risk that funds for banned weapons could pass through its trading hub and would take measures to prevent this, as it awaits a March decision on whether it will be added to a dirty money watchlist.
A 2020 FATF report said the UAE needed"fundamental and major improvements" to avoid landing on its 'grey list' of countries under increased monitoring. The UAE's Executive Office for Anti-Money Laundering and Counter Terrorism Financing, established last February, said the financing risks assessment initiated in recent weeks would help the public and private sectors implement new requirements.
The UAE, the Middle East's financial capital and a major gold trading hub, has tightened regulations over the last few years to overcome a perception it is a hot spot for illicit money.
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