EU removes UAE from its dirty money blacklist as it commits to probe Russia

The European Parliament has backed an update to the EU list of countries at high risk of money laundering and financing terrorism, after the EU executive promised a last-minute legislative act to assess Russia’s shortcomings by the end of the year.

In June the EU executive proposed removing the United Arab Emirates and Gibraltar from a list of countries it considers at high risk of money laundering and terrorism financing and did not add Russia to the list, sparking concerns among lawmakers from the left to the right.

FAFT, the global watchdog for combating money laundering and financial support of terrorism, suspended Russia from its membership in 2023 after the full-scale invasion of Ukraine. But it failed to blacklist Moscow because of the opposition of the BRICS group, which includes Brazil, India, China and South Africa.

Earlier this month, the EU executive told lawmakers its review of Russia’s deficiencies in tackling money laundering and terrorism financing was complicated by the lack of information-sharing with Moscow, according to internal exchanges seen by POLITICO. The promise to take a decision on Russia came at the eleventh hour ahead of the highly fought Parliament’s vote. “The Commission has listened to our concerns and we will hold them to this commitment,” Irish liberal lawmaker Billy Kelleher said.

At the vote on Wednesday, 369 lawmakers backed the list, 264 voted to reject it, and 55 abstained.

The vote also means that the UAE is removed from the list. Commission Financial Services chief Maria Luís Albuquerque said that the Emirates had made “tangible progress.” The Left, the Greens, and part of the Socialists & Democrats argue the EU’s choice is driven by geopolitical reasons.

The EU has just launched negotiations to set a free trade agreement with the country.

“We look forward to building on this momentum and continue to advance the UAE-EU strategic partnership,” said the UAE ambassador to the UE Mohamed Al Sahlawi welcoming the removal of the country from the list.

EU removes UAE from its dirty money blacklist as it commits to probe Russia
Source: Viral Showbiz Pinay