National Tourism Strategy 2031 aims to increase the contribution of the UAE tourism sector to the national GDP to Dh450 billion
The UAE has complied with nearly all recommendations and has addressed most of the shortcomings by conducting complementary assessments using a wide range of information sources and with the wide participation of the competent authorities, according to a new Financial Action Task Force (FATF) follow-up report.
The FATF recommendations are the technical and legal building blocks for an effective framework to combat money laundering, terrorist financing, and proliferation financing.
In March 2022, the country was placed on the grey list. The UAE has committed to implementing the recommendations of the International Cooperation Review Group’s (ICRG) Action Plan to remove itself from the grey list swiftly.
Industry executives expect the country will come out of the grey list soon as it has been aggressively implementing anti-money laundering and other guidelines in line with FATF.
The follow-up report, released last week, stated that the UAE is compliant with most of its 40 recommendations.
The UAE was rated compliant in 15 recommendations, largely compliant in 24 and partially compliant in 1.
The report lauded the country’s enhancement of financial and human resources to combat money laundering and terrorist financing.
“In order to achieve this objective, the National Committee detailed it into action plans for all concerned sectors (especially the most at-risk ones). Whereas the country's authorities increased their human resources, established special departments, and issued many legislations and guides in accordance with the identified risks,” it said.
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