Emirati Minister of Economy Abdullah bin Touq Al Mari stated that the UAE needs time to implement and prove the effectiveness of the policies adopted against financial crimes before it can be removed from the Financial Action Task Force's "gray list." Al Mari, speaking on the sidelines of the City Week conference in London, said: "We have overcome many challenges. However, what we really need to see now is a lot of effectiveness, and I believe that comes with time."
He added: "The UAE has managed to address many of the concerns that the Financial Action Task Force had from the beginning, which included 58 items, of which only about 15 remain." Al Mari considered it premature to determine when the UAE might be removed from this list. As part of this process, the Financial Action Task Force will need to visit the UAE. He noted that once that happens, he is confident that the UAE will "definitely" exit the list.
He stated: "We are on the right track... there is high-level leadership following up on this matter, and we meet weekly," referring to a series of measures that have been implemented, including improving training for the private sector.
