UAE is on European Commission blacklist

[Konstanz]

It seems this was not a rumor.
UAE has been placed on European Commission AML blacklist:

High risk third countries and the International context content of anti-money laundering and countering the financing of terrorism

Illustration of the EU policy on high-risk third countries based on Directive (EU) 2015/849.

finance.ec.europa.eu

So, now UAE is on both FATF and EU lists.

I think this will get even harder for UAE companies and UAE residents to open bank accounts

 

[Gediminas]

Hard times for UAE, unfortunately. But there are some workarounds!

 

[JackAlabama]

It seems this was not a rumor.
UAE has been placed on European Commission AML blacklist:

High risk third countries and the International context content of anti-money laundering and countering the financing of terrorism

Illustration of the EU policy on high-risk third countries based on Directive (EU) 2015/849.

finance.ec.europa.eu

So, now UAE is on both FATF and EU lists.

I think this will get even harder for UAE companies and UAE residents to open bank accounts

depends where. Many places just dgaf what eu does.

 

[Martin Everson]

So seems these EU actions were indeed leaked to press before they happened .

UAE placed on EU blacklist ?

Hi, I just saw this news that noone seem to have noticed, I am not sure it is legit because not backed by mainstream medias already : UAE placed on EU blacklist in fresh blow to Kinahan drugs cartel UAE placed on EU blacklist in fresh blow to Kinahan drugs cartel I got a few question, assumed...

www.offshorecorptalk.com

A raft of new countries were added in March also it seems...ouch. Gibraltar and Cayman Islands also stand out which happen to be two British overseas territories .

 

[JackAlabama]

So seems these EU actions were indeed leaked to press before they happened .

UAE placed on EU blacklist ?

Hi, I just saw this news that noone seem to have noticed, I am not sure it is legit because not backed by mainstream medias already : UAE placed on EU blacklist in fresh blow to Kinahan drugs cartel UAE placed on EU blacklist in fresh blow to Kinahan drugs cartel I got a few question, assumed...

www.offshorecorptalk.com

A raft of new countries were added in March also it seems...ouch. Gibraltar and Cayman Islands also stand out which happen to be two British overseas territories .

They also added 2 African countries. Eu is so racist, it is unbelievable.
These lists are highly discriminatory and Ursulaland should not allow this to happen.

 

[Konstanz]

The problems is that it's very hard to get out this EU commission list. Even harder than FATF.
Will see how it will go for UAE. But I think EU bank correspodents will put even more pressure to UAE banks. So we can expect more stuck payments and hard to work through UAE entities

 

[TheCryptoAnt]

OOHHH NOOOOOOOO!!!!

anyway...

 

[Martin Everson]

Will see how it will go for UAE. But I think EU bank correspodents will put even more pressure to UAE banks.

Some may just cut correspondence banking relationships as it's not worth the hassle. And lets be honest there is a lot of dirty or untaxed money flowing into UAE anyway...lol.

 

[apres777]

The decision, in my opinion, has nothing to do with KYC or AML - it is all about politics and pressure, as the UAE does not participate in the sanctions against Russia. This is of course a thorn in the EU's side and a desperate attempt by the EU to achieve its goal.

 

[Martin Everson]

The decision, in my opinion, has nothing to do with KYC or AML - it is all about politics and pressure, as the UAE does not participate in the sanctions against Russia. This is of course a thorn in the EU's side and a desperate attempt by the EU to achieve its goal.

That's true and headlines like the below last year don't help sadly.

Dubai and UAE should be blacklisted and face sanctions for sheltering oligarchs and 'dirty money'​

Dubai and UAE should be blacklisted and face sanctions for sheltering oligarchs and 'dirty money', activists say: report

Sanctioned oligarchs have moved private jets and superyachts to the safety of the UAE, which is not enforcing Western sanctions against them.

www.businessinsider.com

 

[GeneralGogol]

"The EU Commission also removed Nicaragua, Pakistan and Zimbabwe from the list, highlighting the progress made by these countries in tackling money laundering."

OK guys, these are the places to move to next...

 

[pomegranate]

Some may just cut correspondence banking relationships as it's not worth the hassle. And lets be honest there is a lot of dirty or untaxed money flowing into UAE anyway...lol.

The issues will go beyond having more hassle / less choice from EUR correspondent banks. All transactions (bank transfers, real estate, etc.) from UAE to the EU will unfortunately be more scrutinized and seen more suspiciously.

 

[JohnnyDoe]

Chief Gynecologist Ursula will soon blacklist YOU! and YOU! and YOU! Bad boys

 

[Bill D]

The issues will go beyond having more hassle / less choice from EUR correspondent banks. All transactions (bank transfers, real estate, etc.) from UAE to the EU will unfortunately be more scrutinized and seen more suspiciously.

does it mean your bank account could get closed if you move to uae or bank would get annoying(for which you are already client) ? incl non eu ?

 

[Konstanz]

does it mean your bank account could get closed if you move to uae or bank would get annoying(for which you are already client) ? incl non eu ?

Yes it can be closed. Big chance it will be closed

 

[Bill D]

Yes it can be closed. Big chance it will be closed

What seriously ? You think all people moving their residency to uae will lose their hsbc, sq, saxo, or have harder time with them?

 

[JohnnyDoe]

Relax, it’s just another step towards the inevitable irrelevancy of the EU. Use crypto and be safe.

 

[azb1]

Naïve Question : If Dubai resident running swiss/singapoure company from Dubai ....Does he has any problem running the company while living in Dubai ?
This move affect him also??
This only apply to Dubai bank account and its entity (Freezone company) ?

 

[algotrader]

What seriously ? You think all people moving their residency to uae will lose their hsbc, sq, saxo, or have harder time with them?

All these banks/brokerages have branches in UAE. I guess, they will still be able to serve their clients via their branches under UAE license but not from EU. And you won't be able to move funds between EU and UAE accounts anymore. The question is whether it will still be possible via Swiss or UK accounts or whether the EU will blackmail them as well.

 

[JackAlabama]

Relax, it’s just another step towards the inevitable irrelevancy of the EU. Use crypto and be safe.

Solution right here. - Free alpha