Comments on the impact of UAE being removed from the FATF grey list in The National, 24 Feb 2024

25 February, 2024
read < 1 minute

Dr. Nasser Saidi’s comments appeared in an article in The National titled “UAE’s removal from Financial Action Task Force’s grey list to spur investor confidence” published on 24th February 2024.

The comments are posted below.

The immediate benefit would be an improvement in investors’ trust and confidence in the UAE, leading to an increase in more sustainable capital, foreign direct investment and portfolio flows, according to Nasser Saidi, head of consultancy Nasser Saidi and Associates.

This move will also support the expansion of both the domestic banking and financial sectors as well as the international financial free zones, as wealthy global investors and foreign businesses become more comfortable investing in the UAE, given its adoption of international laws and conventions, he explained.

Another major beneficiary will be the asset and wealth management activities of UAE-based family offices, he said.

“The UAE’s removal from the FATF grey list is a testament to the country’s political will and willingness to improve overall governance, transparency and disclosure of the banking and financial sector, address weaknesses alongside increasing its ability to deter illicit money flows [via the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing], enhancing its ability to undertake financial investigations and extraditions of financial criminals among others,” Mr Saidi added.

“However, it is important that the UAE continues on its journey in adopting and implementing international best practices and standards, continuously strengthening its financial regulatory regime, including AML/ CFT.”

Read Next

TV and radio

Interview with Al Arabiya (Arabic) on economic diversification, 17 Apr 2024

In this interview with Al Arabiya aired on 17th April 2024, Dr. Nasser Saidi discusses

18 April, 2024

media page

Comments on Saudi Arabia’s economic diversification in Al Arabiya News, 8 Apr 2024

Dr. Nasser Saidi’s comments appeared in an Al Arabiya News article titled “Saudi Arabia’s economic

9 April, 2024

media page

“Economic diversification is the GCC’s top priority”, Op-ed in Arabian Gulf Business Insight (AGBI), 3 Apr 2024

The opinion piece titled “Economic diversification is the GCC’s top priority” appeared in the Arabian

4 April, 2024