UAE Central Bank: MENAFATF approves UAE 7th Follow-up Report

ABU DHABI: The Central Bank of the UAE has announced that the Middle East and North Africa Financial Action Task Force, MENAFATF, consisting of 18 members of Arab states and 15 Observers among them US, UK, France, Spain, IMF, World Bank and others, reviewed the UAE 7th Follow-up Report submitted by the UAE Delegation to the 20th MENAFATF Plenary in Manama, Bahrain, in conformity with Financial Action Task Force, FATF, requirements and mutual evaluation procedures.

This was in continuation of Six Follow-up Reports and One update submitted earlier.

The 20th MENAFATF plenary has decided to adopt the said report and remove UAE from the regular Follow-up Process to Biennial Update, due to its fulfilling the FATF requirements and criteria regarding AML/CFT legal, regulatory and institutional framework, which is enforced in the UAE.